Venezuelan leader Nicolás Maduro recently announced that in a week, the county will launch a new cryptocurrency, Petro gold. Cryptocurrency, according to local news source Telesur, will be backed by precious metals. In particular, the announcement was made Wednesday Maduro (February 21), a day after Venezuela launched its cryptocurrency supported by oil, the Petro.

As covered by NCF, the Petro (PTR) was announced in December as a way for the country to bypass the sanctions and fight an "economic war" with the United States. Petro's pre-sale is currently underway, and according to Maduro, he's already listed $ 735 million, although he does not support this claim any evidence.

Shortly after the Petro was announced, the opposition congress in Venezuela's management criticized the sale of cryptocurrency as an "illegal and unconstitutional" instrument mortgaging the country's oil reserves. The United States warned that citizens who bought cryptocurrency could be violating the sanctions, while investors have expressed concerns about the solvency and transparency of Venezuela.

Yet in a televised speech, Maduro revealed a gold Petro is on the way:

"Next week, I will launch petro gold, supported by gold, which is even more powerful, which will strengthen the petro. "

It is unclear whether the Venezuelan leader is referring to the gold reserves of the central bank, or to an undeveloped deposit. Further details on cryptocurrency has not yet been revealed.

According to Telesur, investors from Brasil, Denmark, Honduras, Poland, Norway and the Middle East have expressed interest in the Petro, whether it is accepting it as a form of payment, or investing.

The launch of the Petro was, to say the least, confusing, as some users would have faced JavaScript errors while trying to buy cryptocurrency. Others could not get their orders matched on the EtherDelta decentralized exchange. Moreover, it is not known which blockchain the token uses, as various documents suggest it is either that of NEM or Ethereum.

Investors are trying to cryptocurrency know what to do with the new cryptocurrency, Petro gold. Speaking to Reuters, founder of investment firm Redwood City Ventures Sean Walsh revealed that it was difficult to reach a conclusion without any details, but added that he did not want tokens backed by physical assets. He stated:

"Rather than buying a cryptocurrency backed by gold, I had just gone to buy gold. Gold is a physical thing that you want to be able to hold in your hands, because this point.

Venezuela is currently facing one of the worst recessions ever seen. Citizens are forced to use cryptocurrencies to survive, as has plunged into the value of the country's fiduciary currency.

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