Bitcoin news ; Venezuela Is Going To Launch Another Gold-Backed Cryptocurrency
On Wednesday Venezuelan president Nicolas Maduro announced about preparing a new-gold backed digital currency.
Maduro said they had prepared a new gold-backed ‘petro’, which will have the same criterias as the oil-backed ‘petro.’
On Tuesday, Venezuela launched the presale of cryptocurrency tokens supported each by a barrel of Venezuelan oil. Maduro has estimated early gains at $735 million.
Recently, Venezuelan people has been struggling with political and economic fallout and US sanctions in the country, after Washington prohibited investors to buy Venezuelan national debt.
To solve this problem Maduro announced the idea to create a oil-backed digital currency to advance monetary sovereignty of the country. The country has allocated five billion barrels of oil for the cryptocurrency, with reported plans to to set the initial price at $60 per one unit of the currency.
Earlier the president Maduro had said that urged members of the regional Bolivarian Alliance for the Peoples of Our America-Peoples Trade Treaty to join him in overcoming the “financial blockade” assigned by the US.
