Venezuela’s National Cryptocurrency “Petro” Backed By Crude Oil

The president Maduro showed a document proving that country’s national cryptocurrency being supported by Orinoco Petroleum Oil.

Maduro said the field’s “reserves amount to 5 billion barrels of oil,” which is confirmed by the corresponding “international certificate.”

Maduro promised to provide cryptocurrency mining throughout the country. He said that every single Petro will be backed by a barrel of oil and a special team will be created to be involved in mining process throughout the country.

 

The Venezuelan leader has also promised to allocate Arco Minero gold deposits from the Orinoco Belt along with the country’s diamond deposits.

The President Maduro announced about new cryptocurrency in December aiming to maintain the country’s financial and international development worldwide.

The Petros value will be bind with country’s oil & gas reserves, as well as gold sources. As the president told, they have a purpose to advance the country’s monetary sovereignty, and to help country against financial blockade.

“We are facing a financial war against the country which we have denounced, and the opposition has denied. There are business people who are unaffected by Donald Trump’s blockade. With this, we will join the 21st century,” said Maduro.