Venezuela Plans To Release National Digital Currency - MnTrendsNews

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Monday, 4 December 2017

Venezuela Plans To Release National Digital Currency

The President of Venezuela,Nicolás Maduro announced plans of the country to create a national cryptocurrency known as Petro, which will be backed by thr nation's gold, gas, oil and diamond reserves.

The aim he said, is to combat 'financial blockade against the crisis hit nation spurred by US Sanctions'.

He was quoted saying
'I want to announce that Venezuela is
going to implement a new
cryptocurrency system based on oil
reserves, in order to advance in the
area of monetary sovereignty. This will
allow us to move towards new forms of
international financing for the
economic and social development of the
country.'

The Venezuelan finance ministry also  said, after the announcement, that the cryptocurrency is essential to carrying out financial transactions and provide new financing options.

SEE ALSO: How To Protect Your Bitcoins While Travelling Across Borders

Maduros foes though, are not buying this. Reuters reported h the idea “was met with widespread scorn from
Maduro’s foes who doubt that economically crippled
Venezuela could pull off the launch of a
cryptocurrency,”

Angel Alvarado,  an opposition lawmaker and economist said;“It’s Maduro being a clown. This has no credibility,”
Jose Guerra, an opposition legislator said“I see no future in this.”


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