Venezuela secures its cryptocurrency with billions of barrels of oil and jewels

Venezuelan President Nicholas Maduro said he plans to secure the El Petro crypto state with 5 billion barrels of oil - one barrel per coin

Maduro officially announced his intentions in a television show and showed a signed document proving that Venezuela had a similar amount of oil. The president added that over time, securing the national cryptographic will also be done with gold and diamonds, and more precisely, with their deposits now being developed.

Maduro's opposition suggests that the realization of the planned will not be achieved, especially since the national cryptocurrency must be approved by the Venezuelan parliament, which is composed mainly of the opposition, seeking the resignation of Maduro.

The crypto is not new to Venezuela's economic and political chaos. Residents of this country actively use a Bitcoin to combat hyperinflation. The local Bolivar was quickly devalued - at the end of July 1 $ cost 10,000 Bolivar and on December 2nd 1 $ was priced at 103,000 Bolivar. According to the International Monetary Fund, by October 2017, inflation in Venezuela was 800% and in 2018 could reach 2800%.

image source - Instagram