Venezuela to Launch ‘Petro’ Cryptocurrency

In his latest stunt, Venezuela’s President Nicolas Maduro announced that the country wants to launch a cryptocurrency – the petro – backed by oil, diamonds and gold reserves.
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In his regular hours-long Sunday broadcast, Maduro said that the petro would help the country to ‘advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.’
Venezuela’s opposition lawmakers said the announcement of a cryptocurrency creation is a farce, and the plan may not be implemented at all.
‘It’s Maduro being a clown. This has no credibility,’ Angel Alvarado, an opposition lawmaker, and economist told Reuters.

This post was published at FinancialSense on 12/05/2017.