Venezuelan President Maduro ordered the removal of the first 100 million petroleum-oil-backed national crypt money. He also stated that every petro would have a single oil barrel value. He said:
"I ordered 100 million petroleum affairs based on national wealth, and every Petro will have 1 barrel worth of Venezuelan oil."
The first national meeting of Petro miners will take place on January 14th with the publication of the technical report. The announcement also coincides with previous statements by Maduro, which will publish the country's oil-backed crypto money.
Extreme inflation problems in the country, distrust against the national currency, and the use of bitcoin spread. Other countries, including Zimbabwe, are also using Bitcoin extensively because of financial instability.