Venezuela announces the launch of a crypto-national currency

The venezuelan government has issued a decree outlining the operation of the digital currency in the country, the Petro. It details the government’s plans for the new crypto-currency, including its emission, mining and trading. In addition, Petro will be supported by 5 billion barrels of crude oil.

Here are the details of this news :

The plans of the venezuelan government

The venezuelan president, Nicolas Maduro, has awarded us $ 5.3 billion barrels of crude oil, worth 267 billion dollars in the crypto-currency. He announced the creation of the Petro at the beginning of the month of December. In a broadcast radio and television, he showed a document formalizing the supply of the oil deposit in certified Ayacucho, which is the n°1 in the sector. According to sources, each Petro will be supported by a barrel of oil. The president of the country said that they were going to put in place a special team to analyze the crypto-currency to Venezuela is to operate in mining.

Source : Wikimedia Commons

In addition, Maduro has promised to allocate deposits of gold and diamonds. An agency specializing in crypto-currencies will provide oversight of the Petro. The country’s goal is to be able to use this technology to boost their economies.

A regulatory structure made up of 13 parties

The government has published a paper detailing the new order. It is composed of 13 parts, and nearly half of them involve the Petro. Article 4 of the decree describes the assets supporting the new digital currency, stating that the Petro will be supported by the oil produced by the country, as well as other products, including gold, diamond, coltan and gas.

A few details concerning the issuance of the Petro are also present in this note. In article 9, it is mentioned that this technology will be decentralised once the agency in charge of market surveillance will be performed to auction the original and assigned to the crypto-currencies to the investors.

Source : NewsBitcoin