Venezuela launches oil cryptocurrency By Steem

in #steemit7 years ago

Venezuela has launched a cryptocurrency in an attempt to bypass tough economic sanctions imposed by the US government.

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Critics say the move is a desperate attempt by Caracas to raise cash at a time when Venezuela lacks the ability to repay its $150bn of foreign debt.

President Nicolas Maduro has said each token will be backed by a barrel of Venezuelan crude. The Latin American country has the world's largest proven oil reserves.

A total of 100 million Petros will be sold, with an initial value set at $60, based on the price of a barrel of Venezuelan crude in mid-January.

The official website published a guide to setting up a virtual wallet in which to hold the cryptocurrency, but did not provide a link for actually doing so on Tuesday.

There was also no information on exchanges.