Maduro Orders the Issue of 100M Petros, Venezuela’s Oil-Backed Cryptocurrency

100 Million Petros Incoming
On Friday Venezuela’s president Nicolás Maduro ordered the issue of the first units of the nation’s upcoming digital currency, called the petro. He said:According to El Nuevo Herald, the issuance of these coins “will be done by virtual exchange houses that are currently in a trial period.” In addition, the authorities in charge of the petro will convene on January 14 at the first national meeting of the petro’s miners. At that time, the new currency will be formally presented and its whitepaper released, the publication detailed. Maduro stated: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.
I call for the first national meeting of miners of the cryptocurrency, the petro, for next Sunday, January 14.

Can the Petro Really Be Oil-Backed?
Maduro first announced the creation of Venezuela’s national cryptocurrency in early December. The following week, he created the Superintendency of cryptocurrencies as well as a Blockchain Observatory to oversee the launch and operation of the new digital currency.
What do you think of the petro so far? Let us know in the comments section below.The cryptocurrency cannot be issued with oil reserves as a guarantee. Article 3 of the Organic Hydrocarbon law of Venezuela establishes that oil reserves [can] not [be] exploited, that is to say, those that are in the subsoil and that are very abundant, cannot be placed as a guarantee of any commercial or financial operation.
Images courtesy of Shutterstock and the Venezuelan government.
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