Venezuela Fights US Sanctions Against Petro

The Venezuelan government has filed a complaint against the United States before the World Trade Organization (WTO).

The complaint was published on January 8, but had already been filed last month. The document shows that the United States government is being accused of infringing Venezuela’s rights under the General Agreement on Tariffs and Trade (GATT) and the General Agreement on Trade in Services (GATS).

According to Reuters, the United States have been tightening sanctions against the Venezuelan government in the recent months. This includes banning sales of Venezuelan gold, discriminatory treatment of Venezuela’s debt, and also “targeting senior officials and Maduro’s wife and allies”.

Petro

There is also a reference to Petro, the national cryptocurrency of Venezuela. According to the document, the US has imposed “discriminatory coercive trade-restrictive measures with respect to transactions in Venezuelan digital currency”. The complaint also reads:

Furthermore, in as much as digital currencies originating in the United States are not subject to the same prohibitions as Venezuelan digital currencies, the United States is according less favourable treatment to Venezuelan financial services and service suppliers than to like domestic financial services and service suppliers.

The US restrictions may come as no surprise, especially since Venezuelan president Nicolas Maduro also intends to enforce his own restrictions. Last month, Maduro stated on national television that in 2019 a new program will be put into place, where gradually all Venezuelan oil products will be sold in Petro.

The U.S. hasn’t issued an official response yet. The nation has 60 days to respond to the complaint and if they fail to do so, Venezuela can ask the WTO to decide on the complaint’s merits.

Petro Yet to Be Seen

Despite its announcement in late  2017 and having been officially launched three times , no one has yet been able to use the Petro. Although the Petro is many times referred to as the first nation-backed cryptocurrency, it is yet to produce a working product.

Derivatives Trading Platform Synthetix (SNX) Is up Over 5,000% Since 2019

Michael LaVere
  • Derivatives trading platform Synthetix is the best performing DeFi product since April 2019.
  • Synthetix's native token SNX has appreciated more than 5000 percent over the last two years. 

The little-known crypto-asset Synthetix (SNX) is the best performing decentralized finance (DeFi) project of the past two years. 

According to a tweet published by popular crypto analyst Alex Saunders, SNX has been the best performing DeFi asset since April 2019. Saunders claims that Synthetix has appreciated 5000% over the past two years and was one of the top two ETH-based projects he has been following since Edcon Sydney 2019. 

SNX’s price took off in June, from $0.79 at the start of the month to its current trading price of $2.73, representing a 245% increase. 

Synthetix is a derivatives trading platform built on the ethereum blockchain that allows users to trade on stocks, crypto and other commodities. Users are required to exchange bitcoin or ethereum for SNX tokens in order to participate in trading. 

The exchange’s native token can be locked as collateral to produce “synths” such as a synthetic U.S. dollar (sUSD), which in turn can be used to place bets on rising and falling asset prices. 

Synthetix also operates a reward program, where users of the exchange can stake their SNX tokens as collateral in order to receive additional benefits.

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