The government of Venezuela has issued a decree under which conditions the state-owned crypto currency 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.
Venezuelan President Nicolás Maduro has committed five billion barrels of crude oil, valued at $ 267 billion, to set the value of the new cryptocurrency. As we already reported, Maduro already announced Petro in early December. The backgrounds are political. The introduction should help to avoid the blockade policy of the USA and the EU. In the future, the state wants to have supplies of raw materials paid for elsewhere.
As part of a recent national radio and television program, Maduro presented a document stating that every single Petro should be supported by a barrel of crude oil. In addition, gold from the north of the country is to be deposited as collateral. The decree also mentions deposited gas, diamonds and other mineral resources. Word of mouth Maduro said:
"We will put together a team of cryptographic specialists to facilitate mining in all regions and communities in 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. The government is under time pressure. The country's population is in a difficult position due to extremely high inflation. At the turn of the year, the minimum wage and pensions were raised for the sixth time, again promising only a short-term reduction in conditions.
Thank you for reading!
Don't forget to upvote, resteem and follow me for more content & contest
"Aspire to inspire before we expire." - tradewonk