Venezuela Backs “Petro” Cryptocurrency With 5 Billion Barrels Of Crude & Gold Deposits
by Tyler Durden
ZeroHedge.com
Thu, 12/28/2017
Venezuelan President Maduro shocked the market in early December when he followed China’s ‘petro-yuan’ futures announcement by making headlines of himself proclaiming a new national cryptocurrency – the ‘Petro’ – to overcome The West’s “financial blockade.”
Today he followed up by confirming “every single Petro will be backed by a barrel of oil… and gold.”
“The objective is to advance in the Venezuelan economy and overcome the financial blockade, this allows us to continue in the economic and social development supported by Venezuelan riches,” said the president, explaining that his government will make a cryptocurrency issue “backed by reserves of Venezuelan gold, oil, gas and diamond wealth.”
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