The president of Venezuela, Nicolás Maduro, has recently announced the creation of a national cryptocurrency backed by the nation’s oil, gold, gas, and diamond reserves, called the Petro. Ramirez Camacho is a public official and serves as the superintendent for That is less than it seems. It’s called the Petro and is allegedly backed by stockpiles of oil and other natural resources. Venezuela launches the ‘petro,’ its cryptocurrency A woman walks by banners of Venezuelan bolivar notes displayed at the Venezuelan Central Bank building in Caracas, Venezuela… Against all odds, Nicolás Maduro has rolled out the world’s first functioning state-backed cryptocurrency in Venezuela. Venezuela's government on Tuesday launched the world's first sovereign cryptocurrency, the petro, to help its collapsing economy.Presale began with one token going for $60. Venezuela has created their own cryptocurrency in an attempt to keep their government afloat on the blockchain wave. President Nicolas Maduro has promised Venezuelans “a surprise” new cryptocurrency known as the digital bolivar, saying he would make an important announcement on the currency soon. Venezuela is currently in the throes of an economic crisis, with the national fiat currency- the Venezuelan Bolivar- worth less than “World of Warcraft” gold. This new cryptocurrency would be backed by Venezuela's reserves of oil, gasoline, gold, and diamonds. Venezuela already has a cryptocurrency, the Petro, which it launched in 2018, but its current status as a viable alternative currency is unknown. Venezuela's government wants to launch a cryptocurrency this month, but analysts are not giving it much of a chance. President Donald Trump signed an executive order barring any US-based financial transactions involving Venezuela’s new petro cryptocurrency, as US officials warned that it was a … Even by the standards of Venezuelan dictator Nicolás Maduro’s hare-brained schemes, the petro seemed impossibly daft. Venezuela’s Oil-Backed Cryptocurrency Is Giving Blockchain A Bad Name The doomed petro shouldn't stop other countries from trying a national cryptocurrency, but it probably will. Chainalysis also discussed Venezuela’s national cryptocurrency, the petro, launched by the country’s “contested government, led by OFAC-sanctioned Nicolas … Maduro stated that the Petro would allow Venezuela to "advance in issues of monetary sovereignty", and that it would make "new forms of international financing" available to the country. Over 127 countries have reportedly participated in …
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