Earlier this month we reported that Venezuelan President Maduro planed to introduce a cryptocurrency named the “petro” backed by oil, gas, and other resources in Venezuela. Now it appears this is about to come true because the communications minister just announced it will be released in the next few days. Venezula plans to back their cryptocurrency with 5.342B barrels of oil worth $267B. Keep you eyes peeled, speculators.



The government appears to be hoping the petro will offset a collapse in Venezuela’s currency – 97 percent in one year against the U.S. dollar on the black market – and isolate the country from the U.S. dollar and Washington.

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Source: [H]ardOCP – Venezuela to Release Petro Cryptocurrency Within Days