Venezuela announced the creation of a crypto-currency and national oil, Petro

Venezuelan president Nicolás Maduro has announced the creation of the crypto-currency of the country. It is to be called the Petro, and will be supported by the reserves of oil, gold, gas and diamonds from the country. We know very well the interest of Venezuela to the crypto-currencies.

A crypto-currency backed by the resources of the country

The president of Venezuela, Nicolás Maduro, announced this weekend that his country was going to create a crypto-national currency called the Petro. Its goal, according to the venezuelan president, is facing up to the blockade and financial sanctions the u.s. in which the country is facing. Maduro explained that the new currency will be “backed by the reserves of oil, gold, gas and diamonds,” wrote the daily Agencia Venezolana de Noticias. Following the announcement of Maduro, the ministry of Finance of Venezuela pointed out that a system based on the crypto-currency is necessary to conduct financial transactions and to provide new financing options.

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Venezuelans turn to the mining of crypto-currencies

However, the idea of the creation of a crypto-currency country has been badly received by the critics of president Maduro. Actually, they believe that in Venezuela, economically paralyzed, is not able to trigger the launch of a crypto-currency. However, we can see that the Venezuelans are turning increasingly to the mining of crypto-currencies. In effect, the fiduciary currency of Venezuela, the bolivar, has seen a veritable free fall. It has in particular lost about 57 % of its value over the last month, dropping the monthly minimum wage in the country at us $ 4.30. With the hyperinflation in progress, Venezuelans have turned to the mining of crypto-currencies in order to purchase the products of first necessity. Moreover, it is noticed that the activities of mining and trading crypto-currency began to rise in the country.

Source : News.Bitcoin