The Petro has received another hit. The National Assembly of Venezuela has claimed that the national cryptocurrency that was introduced on the market by the country's president, Nicolas Maduro, is actually unconstitutional.

Lawmakers say the petro is a fraud and a threat

So, the National Assembly of Venezuela believes that the national cryptocurrency is not constitutional, the statement being made in a public release. The lawmakers went even further to say that the petro is a fraud and a threat to everyone who decides to invest in it.

The public statement went to include a critic that the lawmakers made on the token sale of the petro. Local media reported that the national cryptocurrency has already managed to raise $735 million. And that is not all. It seems that the lawmakers did not like the fact that the authorities have decided to order some companies to accept the cryptocurrency.

The public statement of the National Assembly said that this forced demand for the cryptocurrency was not needed. The president of the finance committee of the National Assembly went to say that the petro could represent a way for the government of Venezuela to embezzle funds. He said that despite what the government might want people to believe, the petro will not help the economy and will not bring food and medicine to Venezuelans. He claimed that:

The petro was first announced by Nicolas Maduro at the end of 2017. At that time, Maduro said that the national cryptocurrency will help the economy of the country and will be a tool for Venezuela to bypass the sanctions imposed by the US.