Amidst all the existing problems faced by the country, Venezuela had little to cheer about when the country’s own cryptocurrency – EL Petro won the much famed Satoshi Nakamoto Prize from the Russian Cryptocurrency and Blockchain Association for its ‘outstanding contribution to the development of the blockchain industry’, according to the official community. The awards ceremony was held in Russia and was attended by Venezuelan ambassador Carlos Rafael Faria Tortosa.
The association had also felicitated other twelve winners in different categories, at the BLOCKCHEINF-2018 International Congress. RACIB is an organization active in the Russian blockchain industry and has several members from traditional and Fintech sectors, including governments. President Maduro of the project has persevered with the project and even plans to release a new token, the Petro Gold. It would be backed by the nation’s gold reserves, considered the second largest gold reserve in the world, with the potential to extract seven thousand tons.
Despite the laurels, the Venezuelan Congress declared the currency as illegal and unconstitutional, along with the country’s National Assembly also following the same path by denouncing cryptocurrency as a fraud and a threat to potential investors. US President Donald Trump also seems to have opposed this cryptocurrency by recently signing a constitutional order banning the Petro in the United States.