Venezuela known for being one of the countries with the most natural resources and it's deluding president Maduro surprises the world today. It will be mining its own cryptocurrency. And it will be called Petro.
A statement from bitcoin.com "The Venezuelan government has published a decree outlining the operation of Venezuela’s national cryptocurrency, the Petro. It details the government’s plans for the new currency, including its issuance, mining, and trading. In addition, the Petro will be backed by 5 billion barrels of crude oil."
5 billion barrels of oil and later deposits of gold & diamonds will back the currency. In this paper there are 13 articles.
We know a couple things right now and that it hints at an ICO, let's just hope for the people of Venezuela that their new money will be more worth then bitcoin. Other information can be found in article 9 of the document Article 9, “The custody will be decentralized once the Superintendence of the crypto-assets and related Venezuelan activities has carried out the initial auction and assigned the crypto-assets to investors.”
So what do you think, will this save the economy? Or just be a measurement out pure hype and desperation?