On the one side, the world is suspicious about the authentic of known crypto currency Bitcon, US has allowed two of its exchanges to deal in crypto currency; and on the other hand, Venezuela has decided to launch its first virtual currency, Petro which will be backed by oil, gas, gold and diamond wealth.
The announcement was made by the Venezuelan President Nicolas Maduro amid the economic crisis in the country. He further stated that, the economy of the country is hit hard by the declining oil and gas prices and the existing currency ‘bolivar’ is losing its value in the market.
He believes that launching a new currency in virtual form will help the country to pay its debts and overcome the blockade created by US. He did not inform anything about how and when the currency will be launched.
However, opposition MPs, are not happy with this decision of the president.