Venezuela Banks on Oil- Backed Cryptocurrency “Petro” To end Recession

Venezuelan President, Nicolas Maduro advised that the consolidation of the cryptocurrency “Petro” will be the center of the country’s financial policy for 2018.

Each Petro will be backed by a barrel of oil, the value of which currently stands at US$63.72. Maduro is confident that the Petro will appreciate and be a major driving force to help the country overcome its financial challenges.

Venezuela intends to issue 100 million Petro (US$6.3 billion) with 38 million Petro going to private investors starting February 15th, 2018.

The Petro will be pre-mined, meaning new Petro cannot be created, and is likely to be on the Ethereum network.

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