¡Pendientes! En pocos minutos haremos el lanzamiento al mundo de nuestra criptomoneda Venezolana El Petro que viene a fortalecer nuestra economía pic.twitter.com/uWqZApJdyl
— Nicolás Maduro (@NicolasMaduro) February 20, 2018
MOSCOW (Sputnik) – The pre-sale of Venezuelan own cryptocurrency “Petro,” which is backed by the country’s oil reserves, has started.
Venezuelan President Nicolas Maduro announced on Twitter that the cryptocurrency that has been launched at 4 am GMT was poised to strengthen the national economy and help overcome the financial blockade.
In December, Maduro announced the idea to create a cryptocurrency system, called Petro and backed by the country’s oil reserves, which is expected to help the country to overcome the financial blockade. The Venezuelan Finance Ministry noted that cryptocurrency was necessary for carrying out financial transactions and searching for new financing options.
Venezuela has allocated five billion barrels of oil to back its cryptocurrency. The authorities reportedly plan to set the initial price of their national cryptocurrency at $60 per one Petro.
On February 4, US Secretary of State Rex Tillerson said Washington was weighing sanctions on Venezuela’s oil sector to increase pressure on the country’s authorities and make them “return to constitutional process.”
H/t reader squodgy:
“Logical progression taking into account the relentless trade embargo, subversive funding of opposing interests and destructive influences by the U.S./UK/EU based Deep State who want all the oil revenue for themselves, not the Venezuelan people.”
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