President Maduro: Venezuela to Issue First 100 Million Petros

Venezuelan President Maduro has ordered the issuance of the first 100 mln Petros, an oil-backed national cryptocurrency. He also indicated that each Petro would have the value of a single barrel of oil. He said:

“I’ve ordered the issue of 100 million Petros, based on national wealth. Each Petro will have the value of a barrel of Venezuela’s oil.”

The first national meeting of Petro miners will occur on January 14, along with the publication of the whitepaper. The announcement is in line with the previous statements from Maduro that the country would issue an oil-backed cryptocurrency…

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