Publicado: Mar, Diciembre 05, 2017
Espectáculos | By Galena Nuncio

Venezuela to launch oil-backed 'Petro' cryptocurrency amid deep economic crisis

Venezuela to launch oil-backed 'Petro' cryptocurrency amid deep economic crisis

El Aissami, a former governor of Aragua, called on PSUV members to support the "Bolivarian Revolution" in the upcoming municipal elections and in the 2018 presidential ballot.

President Nicolas Maduro said on Sunday that Venezuela will launch a digital currency to combat the ongoing attempts by the U.S. and its junior partners to suffocate the Bolivarian Republic through sanctions. The "petro" will be backed by Venezuela's key natural resources (diamonds, gas, gold and oil) and, in theory, will help it get around the "financial blockade" imposed by the US and other nations. If every Venezuelan had invested his or her gross 2009 income of $11,500 into bitcoin, the investment would have been worth about $8.4 billion in May this year - per person. "Venezuela will create a cryptocurrency -a petrocurrency, the Petro", he said. "The 21 century has arrived", he added to loud cheers on his weekly live broadcast. We will provide you the latest news about economy, business and finance, trying to be objective and fully independent. He said Venezuela is currently facing a financial "world war".

The oil-rich country's economy has been hit due to declining oil prices and the continuing political power struggle in Caracas.

The country is looking towards cryptocurrencies at a time when the national currency in on a downward spiral.

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Former Oil Minister Eulogio del Pino and Nestor Martinez, ex-president of state oil company PDVSA, were arrested just four days after being removed by Maduro in a surprise cabinet shake-up.

Opposition leaders objected to Maduro's announcement, which they said needed congressional approval. "The petrocurrency is off to a bad start".

Venezuela's President Nicolas Maduro speaks during a press conference at the Miraflores presidential palace, in Caracas, Venezuela, on Nov. 2, 2017. They reduce transaction costs, skirt the international banking system altogether, and are thus not affected by government regulations.

Maduro also approved the creation of a BlockchainBase observatory to oversee the development and rollout of the new cryptocurrency, reports La Patilla. It would be backed by a country's mineral reserves and managed by an authoritarian state that has a record of economic mismanagement and is increasingly becoming shunned in international markets.

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