Venezuelan President Nicolas Maduro announced the creation of the 'Petro' virtual currency, based on the country's oil reserves, in order to fight the US 'financial blockade'.
Announcement that Venezuela will establish a new cryptomonas system, based on its oil reserves. Venezuela will create a cryptomon, Petro, to advance in monetary sovereignty to make financial transactions despite financial blockade, "Maduro said in his weekly television show on national television.
In addition to oil, Venezuela being the owner of the world's largest natural reserves, the new virtual currency will be based on the country's gas, gold and diamond deposits, Maduro said.
"This will allow us to advance to new forms of international financing for the country's economic and social development," the president said.
Fascinated by the drop in oil prices - a source that supplies 96% of its currency - and sanctioned by rating agencies, Venezuela is forced to restructure its external debt, estimated by some experts to $ 150 billion, while the population suffers from a serious shortage of food and medicine, in the absence of money for imports.
Venezuela and its state-owned oil company PDVSA are already considered as part of the cessation of payments by several rating agencies. The Caracas government accuses the US of "financial persecution," under the economic sanctions decreed by US President Donald Trump at the end of August, quoted agerpres.
Interesting. How do you base a blockchain on a physical asset?
I do not know and Putincoin is the same use petrol
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