On Sunday the 3rd, Nicolas Maduro announced the creation of the first Venezuelan cryptocurrency, “El Petro”.
Live from Venezuela, on Sunday morning on TeleSur TV, Maduro indicated that this day was marked as important, a “momentous” announcement, calling attention to his executive vice president, vice president of economics and economics ministries indicating that:
“I have studied this topic in depth, and I want to announce that Venezuela is going to implement a new system of cryptocurrencies based on oil reserves, Venezuela will create a cryptocurrency, the” petro currency “, to advance in terms of monetary sovereignty, to make their financial transactions, to overcome the financial blockade. “
It was not indicated when exactly “the petro” will be launched, but Maduro gave some details of the reason for its creation:
“This will allow us to move towards new forms of international financing for the economic and social development of the country”
and how it will be supported:
“It will be done with a cryptocurrency issue backed by Venezuelan wealth reserve: Gold, Oil, Gas, and Diamonds”