Venezuela switches to Petro cryptocurrency settlements to circumvent U.S. sanctions
Venezuela intends to receive payments for oil exports in its national cryptocurrency Petro, writes El Nacional with reference to a statement by President Nicolas Maduro.
Maduro said that Venezuela is already selling iron and steel for Petro, and now has concluded additional contracts, thanks to which aluminum, oil and gold will be added to this list. He also confirmed that the country took such measures because of the economic sanctions imposed by the United States on it.
According to the president, Venezuela is successfully introducing cryptocurrency into the daily lives of its citizens. For example, in December, Petro benefits were paid to civil servants and retirees. Petro described the current progress in distributing and testing Petro as “very positive.” Residents of the country are already using cryptocurrency to store cash and make payments, he added.
Huang Renxun, CEO of Nvidia, has publicly stated that there is a problem of excess inventory and they are selling video cards at a lower price. Graphics card manufacturers including ASUS, MSI, GIGABYTE, ASRock, Huanxun, Leadtek, Biostar and Chengqi will also continue to face the pressure of price cuts and stock adjustments in the second half of the year.
Vitalik expressed support for Optimism's governance structure and the OP gas proposal. The Ethereum co-founder has often advocated that projects do away with coin voting in DeFi and DeGov, as this would give smaller holders a chance to actually participate in governance. Ethereum co-founder Vitalik Buterin supported Optimism's new governance structure, noting that proposals such as using the OP token to pay for gas demonstrate a "clear representation of non-tokenholder interests."