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Venezuela: President Maduro Announces another Cryptocurrency

folder_openLatin America access_time7 months ago
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Local Editor

Venezuelan President Nicolas Maduro announced that his government was preparing to launch a new gold-backed cryptocurrency token next week.

Nicolas Maduro

"I don't want to get ahead of things, but we have prepared a surprise, a gold-backed ‘petro,' which will have the same parameters as the oil-backed ‘petro.' This topic will be raised next week," he said.

On Tuesday, the country launched the presale of cryptocurrency tokens supported each by a barrel of Venezuelan oil. Maduro estimated early gains at $735 million.

The cash-strapped nation has been struggling with political and economic fallout of a global slump in oil prices and US sanctions after Washington blocked its investors from buying Venezuelan debt.

Earlier in December, Maduro announced the idea to create a cryptocurrency, backed by the country's oil reserves to "to advance the country's monetary sovereignty."

The country allocated five billion barrels of oil for the cryptocurrency, with reported plans to set the initial price at $60 per one unit of the currency.

Venezuela's President said earlier 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" imposed by the US.

Source: News Agencies, Edited by website team