Venezuelan officials announced the issue of 100 million virtual currencies ICO: value linked to oil prices

Has just announced the issuance of official digital currency "oil money" of Venezuela, recently released "ICO" for details.

Reuters reported that Venezuelan President Maduro announced on Friday that he had ordered the issuance of 100 million "oil coins", and the "oil coins" of each unit were linked to a basket of oil prices in Venezuela.

The article points out that the total value of the issued digital currency will exceed $5 billion 900 million if it is calculated at $59.07 / pail this week.

In addition, Venezuela has also begun to recruit miners throughout the country for the forthcoming oil coins.

El Impulso reported in the local newspaper, a "digital mining unique Registry (Unique Registry of Digital Mining) the registry has been open to accept the" miners "application. The registration system will be open to January 21st.

Reported that Maduro said there have been as many as 860 thousand young people for mining oil money. "This is a special encrypted currency team," Maduro said. They will build a mining farm in the country all state and city."

In the face of the deep debt crisis, high inflation, and the U.S. blockade, Venezuela first released the concept of official digital currency in December 3rd last year.

At the end of last December, Venezuelan President Maduro announced the upcoming official encryption digital currency "oil money" (Petro), each oil money will have a barrel of oil support. Money is material basis of oil reserves of 5 billion barrels of the Orinoco heavy oil belt No. 1 block of Ayacucho oilfield, the future will in the specific area of gold resources in support of the oil money fast.

Venezuela is rich in oil, but now it is the country with the highest debt rate in the world. The analysis pointed out that Maduro's issuance of petroleum currency was hoped to share a share of the present feast of the digital currency and to open up a way to avoid international sanctions.

But whether someone is really willing to buy this debt - crunch country needs a question mark.

In fact, Venezuelan people have been frantically pouring into the digital currency.

Wall Street's knowledge of last August's article pointed out that unlike the institutional investors who favor the bitcoin appreciation, the Venezuelan crazy buying bitcoin is fighting against the domestic stalled economy and ultra-high inflation.

However, bitcoin mining operations by the Venezuelan government's dissatisfaction at the time, and bitcoin miners were arrested. This is because in Venezuela, subsidized by the state power is very cheap, almost free, while bitcoin mining process will consume a lot of electricity.