The government of Venezuela has issued a decree under which conditions the state-owned cryptocurrency "Petro" is to be introduced. Five billion barrels of crude oil are intended to secure the value of the new state cryptocurrency. The country has been in a severe economic and supply crisis for years. This is a great oppotunity to see if the blockchain technology can change the economy.
Maduro aka the president of Venecuela:
"We will put together a team of crypto-currency specialists to enable this in all regions and communities of our country."
More details about the petro will be announced later this month. Immediately thereafter, according to the plans of the government, the issue should begin. I'm very excited to see if this is gonna work out. Hoping the best for Venzuela due to the struggeling in the past. This could potenttialy be a game change.
