Venezuela Launches Its Own Cryptocurrency PETRO

Venezuela's President, Nicolás Maduro, has announced the creation of a cryptocurrency that will be backed by oil, gold, gas and diamond reserves.

 "We are going to implement a new cryptocurrency system based on oil reserves, to advance in the area of
monetary sovereignty, which will allow us to advance to new forms of international financing," he said during the 98th broadcast of his program "Los Domingos Maduro". 

 This virtual exchange currency might offer greater security to the public to ensure and manage all financial operations.

 "This cryptocurrency is to carry out its financial transactions and look for new forms of financing, the Petro is going to be called, with this we are incorporated into the world of the 21st century," he said.

 Maduro approved the creation of the Blockchain-Base observatory as the institutional, political and legal basis for the elaboration of the national cryptocurrency.

 Bitcoin was the first cryptocurrency created in the world (2009) and works as a payment system based on computer files. Transactions such as payments of goods and services through the Internet can be made through this mechanism.

This is a Big, and unexpected move by the Government and possibly could turn things around in our currently destroyed economic system. Time will tell.

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