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Enter 'petro': Venezuela to launch oil-backed cryptocurrency
Source: Reuters
#BUSINESS NEWS DECEMBER 3, 2017 / 2:36 PM / UPDATED AN HOUR AGO
Enter 'petro': Venezuela to launch oil-backed cryptocurrency
Alexandra Ulmer, Deisy Buitrago
4 MIN READ
CARACAS (Reuters) - President Nicolas Maduro said on Sunday Venezuela would launch a cryptocurrency to combat a U.S.-led financial “blockade,” although he provided few clues about how the economically crippled OPEC member would pull off the feat.
“Venezuela will create a cryptocurrency... the ‘petro,’ to advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade,” leftist Maduro said during his weekly Sunday televised broadcast.
The digital currency will be backed by Venezuelan reserves of gold, oil, gas, and diamonds, he said during the near five-hour show, which included traditional Christmas songs and dancing.
“The 21st century has arrived!” Maduro added to cheers, without providing specifics about the currency launch.
-snip-
Enter 'petro': Venezuela to launch oil-backed cryptocurrency
Alexandra Ulmer, Deisy Buitrago
4 MIN READ
CARACAS (Reuters) - President Nicolas Maduro said on Sunday Venezuela would launch a cryptocurrency to combat a U.S.-led financial “blockade,” although he provided few clues about how the economically crippled OPEC member would pull off the feat.
“Venezuela will create a cryptocurrency... the ‘petro,’ to advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade,” leftist Maduro said during his weekly Sunday televised broadcast.
The digital currency will be backed by Venezuelan reserves of gold, oil, gas, and diamonds, he said during the near five-hour show, which included traditional Christmas songs and dancing.
“The 21st century has arrived!” Maduro added to cheers, without providing specifics about the currency launch.
-snip-
Read more: https://www.reuters.com/article/us-venezuela-economy/enter-petro-venezuela-to-launch-oil-backed-cryptocurrency-idUSKBN1DX0SQ
