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By the end of 2017, Venezuela had initially declared that an encrypted trading platform was emerging, the petro. The coin was presented in 2018 and was well ordered in use in numerous activities dissimilar to the well-known president of the country, Nicolas Maduro. Currently, before the World Trade Organization, Venezuela rejects the US authorizations in contradiction, including those imposed against its controversial cryptocurrency pains.
The Venezuelan protest claims that these authorizations are preventive measures of prejudice to forced trade.
The criticisms continued to say:
"In addition, since US currencies originating in the United States are not subject to the same bans as Venezuelan digital currencies, the US is following less favorable treatment for Venezuelan financial services and service providers than financial services and service providers domestic, in violation of Article XVII: 1 of the GATS. "
According to the report published on Reuters, the United States has 60 days to respond to Venezuela's claim. If the country does not respond, Venezuela may then ask the WTO to resolve the complaint. The Secretariat organized the summary under its responsibility. The revision only covers general information and is not expected to affect the rights and responsibilities of members.
Nicolas Maduro, the Venezuelan president, had already made a statement on the new cryptocurrency between a financial disaster and a fall in the price of the bolivar, the country's national currency. Maduro issued this statement on the occasion of a special television show in December, mentioning that the cryptocurrency, which still has to be present, will be supported by reserves of raw materials, such as oil.
Maduro, who took office in 2013 and controlled more than a worsening socio-economic disaster, says encryption will help the nation become a financial barrier, as announced on the government's official website.
The declaration reads (according to a rough translationion):
"Venezuela will create a cryptocurrency to advance monetary sovereignty, as it will help to overcome the financial bloc and therefore move towards new forms of international financing for the economic and social development of the country".
