Venezuela To Launch Oil-Backed Cryptocurrency

Days after the Venezuelan Parliament announces the oil-backed digital currency Petro illegal, President, Nicolas Maduro, called for 10 different nations to adopt it. The introdcution of Petro by Maduro has been his endeavor to battle the US led sanctions.

A day after Venezuela Parliament’s choice to consider Petro invalid and void, President Nicolas Maduro reported his wants to pre-mine the petro and launch it in a month and a half.

Carlos Vargas declared on a transmission:

“The petro will not be minable but [will be] pre-mined, that is, the complete emission will be under the control of the country. In addition, it will be assigned with a procedure similar to that of an auction.”

As of late, Maduro held a gathering of the Bolivarian Alliance for the Peoples of Our America-Treaty of Commerce of the People (Alba – TCP) which comprised of 10 nations. The member nations of Alba are Antigua and Barbuda, Bolivia, Cuba, Dominica, Ecuador, Nicaragua, Saint Lucia, Saint Vincent and the Grenadines, Saint Kitts and Nevis, Grenada, and Venezuela. Here, he approached these nations to meet up for the creation of petro.

Madura has been quoted as saying:

“I put on the table, brother governments of the ALBA, the proposal of the cryptocurrency, the petro, so that we assume it as one of the projects of the integration of the 21st century in a bold way, but also in a creative way.”

The opposition parties and the parliament of Venezuela think of it as an unwise move. Along these lines, it is intriguing to perceive how petro, the new cryptocurrency gets Venezuela out of its economic crisis.

There has been a great deal of commercial and financial trading prohibition alongside an orderly attack on PDVSA (Petróleos de Venezuela/Petroleum of Venezuela). These US-led blockage on Venezuela’s oil industry influenced its leader to look to the world of digital money. The point was to battle the financial crisis and shore up a fallen economy.

In the midst of the economic crisis and plunged value of the bolivar, the national currency, in a broadcast address, on Dec 2017, the Venezuelan president Nicolas Maduro, declared the creation of Petro, a digital currency supported by Venezuela’s reserves of 5 billion barrels of crude oil, gasoline, gold, and diamond. In any case, no course of events for the launch was revealed.

Keeping in mind the end goal to conquer the economic sanctions led by the US, the President additionally reported the creation of an agency to administer the trading of the Petro.

In his discourse, the president reported:

“I report the production of the Superintendence of the Venezuelan Cryptocurrency and its association with the world, I make an exceptional superintendence to represent the bearing of Petro from Venezuela and the world.”

“I announce the creation of the Superintendence of the Venezuelan Cryptocurrency and its relationship with the world, I create a special superintendence to govern the direction of Petro from Venezuela and the world.”


Days in the new year, the Venezuelan National Assembly proclaimed the national digital currency unlawful and infringing upon nation’s constitution.

As indicated by a media source, the Deputy Carlos Valero was quoted as saying:

“This Assembly tells the world that the cryptocurrency the government wants to issue is illegal, and this parliament will come out in front to prevent public opinion [from] falling into that trap.”



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