The head of state, Nicolás Maduro, announced the creation of a Venezuelan cryptocurrency, which will be called "Petro", and which will be backed by the nation's oil, diamond, gas and gold reserves.
It is a virtual exchange currency that offers greater dynamism and security to the public when managing all financial operations.
Here are the keys to this new mechanism:
It will contribute to make financial transactions in the country.
It will allow to counter the financial blockade perpetrated against the nation.
It offers access to new forms of international financing for the economic and social development of the country.
It is an instrument to strengthen monetary sovereignty.
The Petro will be backed by 300,878,033 million barrels of oil.
It responds to the same model of bitcoin, the first cryptocurrency created in the world in 2009 and which works with great success as a payment system based on computer files.
These are the potentials of this innovative financial tool for Venezuela:
This virtual currency will give the country the freedom to carry out its transactions and overcome the obstacles placed in the international financial market.
Being backed by the reserves of oil, gas, gold, diamonds and other natural minerals of a country, the Petro puts Venezuela ahead of the different cryptocurrencies in the world.
It offers greater dynamism and security to the public when managing all financial operations.
It has as an institutional, political and legal base the Blockchain Observatory in Venezuela, in charge of registering digital transactions.
It was created by encrypted mathematical algorithms, so it can not be intercepted by any system that is not within yours.
Your transactions are purely electronic, securely and without intermediaries.
This virtual currency is totally decentralized from transnational financial entities, which guarantees the privacy of transactions.
Transactions through El Petro have no borders, can be made from anywhere in the world and without intermediaries.
With the implementation of this cryptocurrency, important prospects for international unconventional funding sources are opened for Venezuela.
