Venezuela: President Maduro to Issue 1st 100 Million Petros

Venezuelan President Maduro has ordered the issuance of the very first 100 mln Petros, an oil-backed national cryptocurrency. He also indicated that every Petro could have the worthiness of just one barrel of oil. He explained:

“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 1st national meeting of Petro miners will take place on January 14, combined with publication of the whitepaper. The announcement is consistent with the last statements from Maduro that the united states would issue an oil-backed cryptocurrency.

The country's massive hyperinflation problems have generated widespread insufficient rely upon the national currency, the Bolivar. It has caused a lot of the populace with usage of appropriate technology to pursue Bitcoin as a method of stable transactions - called ‘Bitcoinization'by some economists.

Other countries including Zimbabwe also have seen widespread Bitcoin adoption in the facial skin of financial instability.