Venezuela Is Launching Another Cryptocurrency Petro Gold

After Petro, Venezuela is setting up the launch another token which is a gold backed digital currency called “Petro Gold’. On Wednesday, only a day after the opening sale of El Petro digital currency that is backed by crude oil, the president of Venezuela, Nicolas Maduro made the declaration of his intends to launch this new digital currency that will be backed by gold.

In his discourse, Maduro stated:

“Next week I’m going to launch the Petro Gold, gold backed cryptocurrency, which is even more powerful, that will strengthen the Petro.”

The introduction of yet another digital currency by Maduro is with the expectation that the cryptocurrency fever would enable the nation to battle the hyperinflation and evade the US sanctions.

The gold backed digital currency aren’t anything new. There have already been in presence like RMG in Britain that is made by The Royal Mint.

In any case, this excitement of digital currency isn’t shared by the opposition leaders of the nation that claims it to be an illicit debt issuance. Besides, the blockchain specialists trust these digital currencies of Venezuela won’t have the capacity to pull in much investment given the nation’s terrible economic situation.

On Tuesday, Maduro claimed that the crude oil backed digital currency “El Petro” has officially raised $735 million up in its first day of sale. However, on his declaration, the president didn’t offer any proof to back up his claim.

Maduro tweeted his declaration with:

“To big troubles, big solutions! From the first minute the game started well, and we started winning: 4.777 billion yuan or 735 million dollars is the initial result of Petro’s purchase intention operations.”

Notwithstanding, Madura hasn’t shared any data with respect to who has invested into the Petro presale. This sale is intended to last until one month from now.