Venezuela Holds First International Meeting of Cryptoactives

The meeting was organized as Venezuela attempts to counter the effects of the U.S.-led economic blockade through its own cryptocurrency, the Petro.

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International and national experts met on November 16th to discuss cryptocurrencies and blockchain technology. (@ViceVenezuela)
International and national experts met on November 16th to discuss cryptocurrencies and blockchain technology. (@ViceVenezuela)

More than 15 national and foreign experts participated in Venezuela's First International Meeting of Cryptoactives held in Caracas, Venezuela, on Friday November 16, 2018.

During the event, participants exchanged knowledge on blockchain technology and the importance of cryptocurrencies in the current digital age.

The event was promoted by the Venezuelan Government through the National Superintendency of Cryptoactives (Sunacrip) in order to "join the largest amount of international projects, with which we will progressively become a global power in the field of cryptocurrencies," said the superintendent Joselit Ramirez.

Venezuelan Vice President Delcy Rodriguez said the government is certain that the recently-launched Venezuelan cryptocurrency, the Petro, will help the country "strengthen the economic and financial independence of Venezuela, for the benefit of the people and the development of our country."

The Petro, backed by Venezuela's oil and gold reserves, is part of Venezuela's economic recovery strategy to combat the devaluation of the national currency. President Nicolas Maduro believes devaluation and inflation are driven in great part by currency exchange mafias that smuggle Bolivars and the financial war waged by the United States and its Western allies.

The Petro has already been subjected to U.S. sanctions.

According to Rodríguez the Petro is key in protecting the Venezuelan economy. 

Countries such as China, Russia, Luxembourg, Spain, and Mexico were invited to the meeting to share their experiences in this field. Among the speakers were the investment fund training expert Jose Pascual, the financial advisor and political science expert Nilhan de Mel, Vice President of the Russian Association of Cryptocurrency and Blockchain Dmitri Kostenand, and the Spanish businessman Victor Borras Sorli.