Yet there is no clear information on when the petro will be sold or what its price will be. But Maduro said, "This will ensure that we do not progress to new international financing models for the economic and social development of our country. 21st century is coming! ".
Venezuela's opposition lawmakers criticized the situation as "taking petro congressional support."
venezuela-to-use crypto-currency
Our debt will pay for Petro
The Venezuelan economy has shrunk by 35 percent since 2014. It is stated that this shrinkage is much bigger in America than in 1929 Great Depression. Nicolás Maduro said last month that an external debt of more than $ 120 billion would have to be restructured.
But the administration has yet to find the answer to the question of whether to lend to foreign credit institutions, or to help the Venezuelan people suffering from drug and food problems.
The new password to Venezuela will be 100 million pounds from Petro in the first place. The price of Petro will be fixed at the official 'oil cart' price of the country 1 Petro = 59 dollars.
Venezuelan President Nicolas Maduro announced in his statement that he will issue 100 million pieces of petroleum-based scrap of money to be released to the market in the coming days.
Maduro, who surprised the whole world by announcing that he will switch to a coded currency over the past month to overcome US sanctions, said at the last press conference that each scrambled money would be equal to Venezuela's oil basket price. According to the Petroleum Ministry of Venezuela, the current price per barrel of the petroleum basket is $ 59.07, which means that the value of the new coin currency Petro will be $ 5.9 billion.
Maduro did not specify which stock market or stock exchange would see this coded currency.