Venezuela will launch its own Petro currency, based on oil reserves

The President of the Bolivarian Republic of Venezuela, informed on Wednesday, December 27, that the Petro, the new Venezuelan cryptocurrency, will have a quotation equivalent to that of the barrel of oil.
"For every Petro, a barrel of oil, that's the value," explained the National Executive, during a joint radio and television broadcast.

In this regard, said that this virtual currency will be supported by one of the active fields in the Orinoco Oil Belt, whose wells have about 5 billion barrels of oil certified internationally.
Remember that last December 3 the Head of State announced the creation of this cryptocurrency to strengthen the financial system, counteract the blockade imposed by the US Government against the nation and access new forms of international financing, with the main objective of enhancing the economic recovery of the country in 2018.
The Petro has as institutional, political and legal basis the Observatory of the Blockchain in Venezuela, which is integrated by a multidisciplinary team of specialists in the areas of technology, economy and finance, legal, monetary and media area.

The Petro, like the rest of the digital assets, will operate based on blockchain technology. It is an innovation that uses mathematical functions such as hash, the ability to make computer accounts and the global internet connection to automate money transactions without the need for an intermediary to certify whether the movement was made or not. The best way to think about it is that the blockchain allows you to have an intelligent money, which does not need humans to make sure that the movement from one account to the other was successful.