Venezuelan President Nicolás Maduro announced on Sunday the creation of Petro , a Venezuelan cryptocurrency "to advance in the area of monetary sovereignty, to make financial transactions and to overcome the financial blockade."
"Venezuela announces the creation of its cryptocurrency, it will be called Petro and it's supposse will allow them to move towards new forms of international financing for the economic and social development of the country ," Maduro said during his weekly television program , broadcast on the state channel VTV.
The president explained that his government will make a cryptocurrency issue "backed by reserves of Venezuelan gold, oil, gas and diamond wealth ." In this regard, it also announced the creation of the blockchain observatory or chain of blocks in Venezuela, which will be attached to the Ministry of University Education, Science and Technology , and which will be "the institutional, political and legal basis for the Venezuelan cryptocurrency." "To start this observatory, a multidisciplinary team of 50 people will be formed (...) it is proposed to create a multidisciplinary team of specialists in the areas of technology, economics and finance, legal, monetary area, media, among others. "explained Maduro. The head of state said he will listen to the proposals of the National Association of Cryptocurrencies, which one of its members declared, predicts the disappearance of fiduciary money in the future and proposes to the State to make an oil sale through Petro.
To me it sounds more like a joke than like real news, but the only truth is that the population of Venezuela are already using cryptocurrencies and they are living better thanks to it.
What do you think about it?