Venezuela Makes Petro Crypto a National Currency, Publishes New Whitepaper

Petro Officially a National Currency
Maduro announced on Monday the official launch of the petro, supposedly an oil-backed cryptocurrency created in February. In a televised address, he said:Telesur TV subsequently quoted him declaring that the petro, “unlike other digital currencies, doesn’t need to be mined because it already has a value; it is shielded with Venezuelan oil and mining wealth.” According to the publication, Maduro was also referring to “the country’s gold, diamond, iron, and aluminum.”Venezuela makes history! Today we take a step forward with the launch of petro as a national currency and platform for strengthening our financial sovereignty.
New Whitepaper
Following Monday’s announcement, the Venezuelan government published a new whitepaper for the petro.
Maduro Claims Petro Already in Six Exchanges
Without naming any exchanges, Telesur TV also quoted Maduro claiming:The petro is already present in the world’s six topmost international exchange houses and will now be accepted at a national level.

Sovereign Bolivar
Venezuela has also recently launched a new national currency called the sovereign bolivar. AVN state news agency reported:Maduro also revealed that from Nov. 5, “the Venezuelan people will be able to purchase the petro cryptocurrency with sovereign bolivars,” the Ministry of Popular Power for Communication and Information wrote. What do you think of Venezuela’s claims regarding the petro? Let us know in the comments section below.Each unit of the cryptocurrency will be equivalent to 3,600 sovereign bolivars and will be the reference for fixing the value of work, the price of services, and of consumer goods — one of the accounting units that will govern the Bolivarian nation.
Images courtesy of Shutterstock and the Venezuelan government.
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