Venezuelan By-Laws to Establish Central Bank for Cryptocurrencies

The member of Venezuela’s National Constituent Assembly, Mr. Hermann Escarra, has informed in an interview with Reuters about the assembly’s ideas for cryptocurrencies.

Well, he stated that “the National Constituent Assembly of Venezuela…is preparing a reform to the Constitution that would include a central bank for crypto-assets and a superior court to the Supreme Court of Justice.”

While the digital currency named “the petro” has already been unveiled by the Venezuelan government in the beginning pf this year that is said to be a cryptocurrency backed by the oil reserves in the region.

While Venezuelan president, Nikolas Maduro clarified that the government would back each petro with an actual barrel of Venezuelan oil in order to allure credible investors. 

Contemplating the real need and the prosperity in the industry, Mr.Escarra emphasized the new idea that, “the central bank with its functions in exchanges, monetary and financial policies and as part of the reform”.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -111 levels (which is bearish), while hourly USD spot index was at -0.29 (which is absolutely neutral) while articulating (at 08:18 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex