Venezuelan Cryptocurrency Takes The Satoshi Nakamoto Prize In Russia

In spite of all the uncertainties and debates regarding the El Petro project, the Venezuelan cryptocurrency recently received the Satoshi Nakamoto Prize from the Russian Cryptocurrency and Blockchain Association (RACIB) for its exceptional contribution to the development of the blockchain industry.

The award ceremony which was held in Russia was graced by Venezuelan ambassador Carlos Rafael Faria Tortosa. Also part of the awards ceremony which was held at the World Trade Center during the BLOCKCHEINF-2018 international congress held by Racib and several other winners.

The award strengthens the fact that Russian officials are also part of the Venezuela project. Telesur, Deputy Minister of Industry and Commerce of the Russian Federation Oleg Nikolaevich Ryaxantsev held dialogue with the Latin American nation regarding cooperation in several areas which also includes the acceptance of Petro as a form of payment between nations. The vice president for the Venezuelan economic area, Wilmar Castro presented the proposal.

Previously, the Venezuelan Congress has declared that the currency is illegal and unconstitutional, and quite recently, the country’s National Assembly has also commented on a similar statement, saying the currency is a fraud and a risk to investors. However, the Chinese agency Dagong is saying something different, stating it is legal.