The National Assembly of Venezuela believes that the local crypto currency Petro (PTR) is contrary to the Constitution of the country. Through a public statement, the legislature called the Crypto currency a fraud. In addition, they said that tough measures could be taken against all those who invest in it.

Legislative bodies criticized the sale of Crypto Currency tokens, which, according to reports, have already collected 735 million dollars. Members of the National Assembly of the country consider Petro to be a continuation of the political crisis in the country.

Petro does not comply with the Constitution of Venezuela

Rafael Guzman, president of the Finance Committee, said that PTR is “a way for the government to spend money.”

Guzman added:

“Crypto-currency, tied to oil resources, is not a solution to the country’s needs. It can not provide food and medicine to Venezuelans. This deepens the crisis in which we live. Petro is another example of corruption, and we will emerge from this crisis only if we act globally and apply measures. “

Another representative of the law, Francisco Sucre, pointed out that national assets can not be used as collateral, implying a crypto Currency with oil support. He believes that 735 million dollars raised from the sale of PTR tokens should be used to support the Venezuela economy.

Sucre added that the situation in the country “is becoming increasingly at risk”, as they do not know any information about Petro investors. In addition, no one can guarantee the stability of the crypto currency.

Another representative of the Assembly, Carlos Prosperi, claims that PTR is not the country’s first digital currency.

As noted by Prosper, the country uses a digital currency, called Sucre, which was to become a regional currency, similar to the Euro. Prosperi claimed:

“PTR started working with lies when Maduro said that it was the first virtual currency in the country.”

Petro was presented as a tool for Venezuela bypassing US sanctions. Since the beginning of the sale of the tokens, the country’s leader, Nicholas Maduro, has ordered the state-owned companies and airlines of the country to accept the crypto currency.

Chinese credit rating Dagong said that Petro “can help the global monetary system.” On the other hand, the Venezuela opposition congress declared that its sale was “illegal and unconstitutional”.

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