For Surviving, Venezuela Launches Petro Coin,
Venezuela has officially launched a virtual currency named petro. This initiative was undertaken to respond to the economic sanctions imposed by the US government.
Quoting BBC, Wednesday (21/2/2018), Petro presented to fix the messy Venezuelan economy. Over the past few years, the country's economy with the world's largest oil reserves has been hit by hyperinflation and the weakening of currency values to hampi is worthless.
The Venezuelan government claims that Petro is the first virtual currency launched by a sovereign nation. Nevertheless, some criticized the pace of petro-publication in the midst of Venezuelan conditions have little ability to pay its foreign debt that has reached 150 billion US dollars.
As for the opposition leaders, petro violated the rule of issue of bonds. Meanwhile, the US Treasury Department warned that the issuance of petro could violate sanctions imposed on Venezuela last year.
President Nicolas Maduro says every single token of petro token is backed by a barrel of Venezuelan oil. Overall, there will be 100 million petro tokens sold to the public at an initial price of 60 dollars, based on the price of a barrel of Venezuela's crude oil in mid-January 2018.
An official page was launched as a guide to the virtual currency, but did not provide a link for a purchase. There is also no information on petro exchange.
The economic crisis that plagued Venezuela caused a drop in oil prices and production. The commodity accounts for 96 percent of Venezuela's exports.
Interesting that countries use cryptocurrency now as a offical payment method. Hope that "petro" will help Venezuela.
Thet is awesome country, like cryto country maybe we can called
Love Venezuela
It would be really Interesting to see If this Currency Works or fails in the Long Run.
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