Venezuelan president Nicolás Maduro has announced the issuance of 100 million petros, the state’s proposed upcoming national cryptocurrency backed by its oil reserves, the world’s largest by any country.
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Venezuela’s national cryptocurrency, the petro, will soon see its first issuance after Maduro’s mandate to issue 100 million units of the digital tokens. Each petro will be directly valued to a single barrel of oil, reports the El Nuevo Herald. At an average of just under $60 per barrel at the time of his announcement, the total value of 100 million petros would be just under $6 billion.
As reported by CCN in December, Maduro first announced the cryptocurrency as a means to evade and circumvent economic sanctions and the “financial blockade” imposed by the U.S. president Trump’s administration. In August, the US government enforced crippling financial sanctions that have proved a blockade in Venezuela’s access to international banks and global finance.
For more details click this link: https://www.ccn.com/6-billion-oil-backed-cryptocurrency-venezuelas-president-orders-issue-100-million-petros/
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