venezuela to launch it own cryptocurrency ”petro” backed by gold,oil and diamond | Bitzamp

 

 

venezuela to launch it own cryptocurrency ”petro” backed by gold,oil and diamond

In order to circumvent U.S financial sanctions on the country,Venezuelan President Nicolas Maduro looked to the world of digital currency announcing on Sunday the launch of its state own cryptocurrency called “petro” that will be backed by oil reserves to shore up a collapsed economy.
The leftist leader offered few specifics about the currency launch or how the struggling OPEC member would pull off such a feat, but he declared to cheers that “the 21st century has arrived!”

“Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves, Maduro said in his regular Sunday televised broadcast, a five-hour showcase of Christmas songs and dancing.

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