Venezuela Petro Cryptocurrency ‘Will be Worth $5.9B’ Says Maduro

Crisis-hit Venezuela will issue its own oil-backed cryptocurrency, Petro, with an implied value of $5.9 billion as its economy continues to decay.

100 Million Petros ‘Ordered’ At $59 A Piece

In what appears to be a last-ditch attempt to circumvent US sanctions and keep cash flowing into the country, President Nicolas Maduro announced 100 million units of its Petro cryptocurrency would enter the market.

The announcement, according to Reuters, came during the President’s appearance on national television yesterday.

I have ordered the emission of 100 million petros with the legal sustenance of Venezuela’s certified and legalized oil wealth.

Maduro continued:

Every petro will be equal in value to Venezuela’s oil barrel (around $59).

Despite being rich in oil resources, Venezuela’s ability to capitalize on its reserves has faltered due to sanctions imposed by the Trump administration. The extent of the financial difficulties frequently makes the country hit the headlines as ordinary citizens bear the brunt of government misdemeanors.

Bitcoin has made significant inroads in an unofficial capacity as desperate Venezuelans look for an alternative to the bolivar, which has become all but worthless.

Despite attempts by lawmakers to crack down on the use and mining of cryptocurrency, the practice appears to be continuing…

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