Venezuela creates its own cryptocurrency

in #cryptocurrency7 years ago



A crypto-solution to fight against inflation. Venezuela plans to create a cryptocurrency, backed by the country's natural resources. This digital currency will be called ‘El Petro’, it will be controlled by the state and provided with natural reserves, such as gold, gas, diamonds and oil. Due to the high inflation of the national currency, digital money in Venezuela is already very popular. Nicholas Maduro, the president of the country said: "The creation of El Petro, will strengthen the monetary sovereignty of the country, overcome the financial blockade and will contribute to the economic and financial development of the country."

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