Venezuela launches its petro-based crypto currency based on oil

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<pre>Venezuela launches its petro-based crypto currency based on oil

The Minister of Communications of Venezuela, Jorge Rodriguez, voiced the desire of the authorities of the country to launch a new type of crypto currency. It will be called “petro” and will be provided with natural resources, first of all – with crude oil. As a “bank”, the oil producing region of Ayacucho will act, where 5.342 billion barrels of certified oil are concentrated.

Venezuela is also ready to support its crypto currency with gas, gold and diamonds, but on a very modest, cautious scale. At the first stage petro will go into circulation in the equivalent of 5.3 billion barrels, whose collateral in cash equivalent is 267 billion dollars. According to Rodriguez, the miners already “lined up”, but no details.

The Crypto currency, which is backed by real assets, unlike the purely virtual bitcoin and its counterparts, can become an unexpectedly attractive tool for financiers and investors. The world is tired of the dominance of petrodollars and conflicting prices for strategic resources, plus big players are also afraid of inflating new speculative bubbles. Venezuela offers a kind of golden mean – a convenient for transactions crypto currency, which has tangible value in the form of billions of barrels of oil.

Analysts note that the risks of such a step are also great, but the Maduro government is in such a situation when such adventures are extremely appropriate. The country can not get out of the severe financial crisis in any way, while its oil-extracting sector is systematically being picked up by Russia, China and the United States. To slow down this process, to involve in petro numerous private investments and to keep control over natural resources – this is the task that the authors of the new crypto currency set themselves.

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