Venezuela Backs Its New Cryptocurrency With 5 Billion Barrels Of Crude

29 Dec 2017   Venezuela

Venezuelan President Maduro shocked the market in early December when he followed China’s ‘petro-yuan’ futures announcement by making headlines of himself proclaiming a new national cryptocurrency – the ‘Petro’ – to overcome The West’s “financial blockade.” Today he followed up by confirming ” every single Petro will be backed by a barrel of oil… and gold. ” “The objective is to advance in the Venezuelan economy and overcome the financial blockade, this allows us to continue in the economic and social development supported by Venezuelan riches,” said the president, explaining that his government will make a cryptocurrency issue “backed by reserves of Venezuelan gold, oil, gas and diamond wealth.” Some joked at the time that a different name might be more suitable… You sure he didn’t say ‘KLEPTO-currency’? https://t.co/Mm2yNqqFGq — Wild Goose (@TrueSinews) December 3, 2017 But now, as RT reports , Maduro confirmed the backing of the national […]

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