Venezuela launches Worlds First Cryptocurrency Petro: Intro
Yes, You heard me right, Venezuela launches Worlds First Cryptocurrency Petro. To come out of the deep economic crisis, Venezuela takes an unconventional step to start an oil-based cryptocurrency called ‘Petro’. It is the first official crypto corporation in the world.
Venezuela launches Worlds First Cryptocurrency Petro and received $73.5 million in its first 20 hours
Venezuela’s government introduces the petrochemicals worth 3.84 million units for initial sale. Its sales will last until March 19.
According to Prime Minister Nicolas Maduro, Petro received $73.5 million in its first 20 hours of sale.
He says “Petro strengthens our independence and economic autonomy”. This will help us to avoid the greed of the foreign forces who are trying to keep us in confusion by seizing our oil market.
It is worth mentioning that Venezuela has the world’s largest oil reserves. However, the country is going through a period of horrific economic and political crisis.
What is cryptocurrency?
You can think of it as linguistic currency or virtual currency. The user can purchase it through the Internet with User Id & Passwords (*But beware if you are from India). The User can’t change it in any sort of Physical currency like notes or coins.
SBI warns on cryptocurrency
SBI Card, the subsidiary of State Bank of India (SBI), the country’s largest bank, alerted consumers to the risks associated with virtual currencies like Bitcoin.
In fact, SBI also issues a warning on the purchase of cryptocurrency through Net Banking, Debit Card as well as credit card.
Reserve Bank also warn about it
Regarding the bitcoin and other cryptocurrencies, the Reserve Bank has been keeping investors in the forefront since 2013.
The RBI says it is invalid in the country and in this case the investor himself will be responsible for the loss of his/her money.
In December the Income Tax Department in the country had also raided several bitcoin exchanges. Indeed, cryptocurrency is not recognized in any country throughout the world.
Venezuela is the first country which releases the official cryptocurrency. A Few month ago, Israel also issues a warning about bitcoin.
What if you buy Cryptocurrency in India?
The Central Government is preparing for action under the Prevention of Money Laundering Act, in which there will be a provision to jail for three to seven years.
Let me provoke you, In India Cryptocurrency is declared illegal, even Finance ministry activate the law in the General Budget.
Strict actions were taken against Cryptocurrencies in India
The cost of Bitcoin close to $20,000 last year. But After the above announcement by the Finance Minister in the budget, its price falls down to seven thousand dollars in India.
Last year, the Income Tax Department and ED team had also raided several Bitcoin exchanges.
The income tax department is also questioning suspect investors about where the money for investing in it comes from.
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