Venezuela’s President Announced Oil Backed Crycptocurrency

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Oil Backed Crycptocurrency

Venezuela’s President Nicolas Maduro announced on Friday that the country would issue 100 million of oil backed cryptocurrency called Petro. Though, it is not clear if any investor is ready to buy them yet.

It is very unceratin whether this decision would pay off or otherwise especially now when the OPEC member is going through a deep economic crisis.

Maduro specified that each unit of the Petro would be pegged to country’s oil basket.

This week oil of Venezuela was costing around $59.07 per barrel. Considering this, the total cryptocurrency would be worth above $5.9 billion.

The way of operation and functioning of this currency is not revealed yet. Oppositions are claiming this idea to be too fanciful to work.

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