CARACAS — President Nicolas Maduro of Venezuela says his government will launch a cryptocurrency to fight what he calls a financial “blockade” by the Trump administration against the socialist-run country.
Mr. Maduro said Sunday that the new currency would be called the “petro” and be backed by the OPEC nation’s abundant oil, gold and mineral reserves.
“This will allow us to advance toward new forms of international financing for the economic and social development of our country,” he said.
Mr. Maduro gave no details in his TV address about what the new currency’s value would be, how it would work or when it would be released.
Venezuela’s traditional currency, the strong bolívar, has accelerated its free-fall in recent weeks as American sanctions make it harder for the country to stay current on its foreign debt. And now, i have a question... WHAT DO U SAY???
I say it is bullshit. He has never created anything good for the people. It will be a way of financing his dictatorship.
agree!! when i see this president, i only see an prophaner, detroyer, and assasin... no one need apologize, or vote for this coin, is bullshit how Maduro xD
I am Venezuelan. I have been suffering his poor politics for many years. He and his party have destroyed my country. Now, He is trying to hide the creation of a new currency by launching this petro. Supported by Venezuela´s gas, oil and gems. our problems, which are many, are that our industries have disappeared. we have no production. Everything is imported and oil pruction has been reduced as well. So this petro won´t bring anything good for the people, but for governors, their families and party´s friends.