In keys | Advantages of the Venezuelan cryptocurrency

President Nicolás Maduro announced the creation of Petro, the first Venezuelan cryptocurrency and the only one in the world backed by the mineral and energy resources of a country.

Last Friday the president ordered the first emission of 100 million petros and explained that each one will have the equivalent value to a barrel of Venezuelan oil.

(Also read: Venezuela could open access to cryptocurrencies in a month and a half)

These are the potentials of this innovative financial tool for Venezuela:

-This virtual currency will give the country the freedom to carry out its transactions and overcome the obstacles placed in the international financial market.

-Be backed by the reserves of oil, gas, gold, diamonds and other natural minerals of a country, the Petro puts Venezuela ahead of the different cryptocurrencies in the world.

-Offer greater dynamism and security to the public when managing all financial operations.

• According to experts, the Petro has the power to counteract the effects of the illegal fixing of a referential price of the dollar.
  -It has as an institutional, political and legal basis the Blockchain Observatory in Venezuela, in charge of registering digital transactions.

-It was created by encrypted mathematical algorithms, so it can not be intercepted by any system that is not inside yours.

• Your transactions are purely electronic, safely and without intermediaries.

-This virtual currency is totally decentralized from transnational financial entities, which guarantees the privacy of transactions.

-The transactions through El Petro have no borders, they can be made from anywhere in the world and without intermediaries.

-With the implementation of this cryptocurrency, important prospects for international unconventional funding sources are opened for Venezuela.