Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Venezuela to launch Petro cryptocurrency very soon

Venezuela will launch its “Petro” cryptocurrency, backed by 5.3 billion barrels of oil, within days, President Nicolas Maduro said recently, according to Reuters.

Maduro revealed plans to launch the cryptocurrency backed by the country’s oil, gas, gold and diamond reserves earlier this month. Soon after, he announced the creation of the Superintendence of El Petro Cryptocurrency – a body that will govern the transactions with the cryptocurrency.

Speaking on national TV recently, Maduro said (as quoted by RT):

“Here’s the document formalizing the provision of the certified Ayacucho oil field No.1 in the Orinoco Petroleum Belt for the support of El Petro cryptocurrency,” Maduro said, adding that the field’s “reserves amount to 5 billion barrels of oil,” which is confirmed by the corresponding “international certificate.”

“Every single Petro will be backed by a barrel of oil,” Maduro said, promising to provide cryptocurrency mining throughout the country. “We will set up a special team of cryptocurrency specialists so they will be engaged in mining in all states and municipalities of our country.”


Outlining the objective behind Petro, he said that it aims “to advance the country's monetary sovereignty, to carry out financial transactions and to defeat the financial blockade against the country.”

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

May 25 16:00 UTC Released

USCattle Marketed

Actual

106 %

Forecast

106 %

Previous

96 %

May 25 16:00 UTC Released

USCattle On Feed

Actual

105 %

Forecast

104.9 %

Previous

107 %

January 31 00:00 UTC 166180166180m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 166180166180m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 178000178000m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 166180166180m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 178000178000m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 166180166180m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 166180166180m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 166180166180m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.