Maduro's government will pay for imports with cryptocurrency known as petro

Minister of Communication and Information of Venezuela, Jorge Rodríguez, has revealed that the Government intends to pay with petro a cryptocurrency newly created whose value is based on the natural resources of the country, its international suppliers, with the aim of bridging and the supply crisis, reports Reuters. Venezuela illiquid due to a drastic reduction in government revenue caused by falling oil prices in the international market because crude exports were the main source of wealth. As a result, the Caribbean nation, which imports almost all goods, no goods like food and medicine. President Nicolas Maduro attributed the shortage to an "economic war" launched by the national and international right. "That is going to end when it's cryptocurrency which is used for exchanging" said Rodriguez, who said that with the arrival of petro, whose first issue is expected "within days" he said, "it will be materially impossible for dictatorial world financial centers to intervene against this initiative "of the Venezuelan government. The petro, which will join the bolivar, the national currency of Venezuela, will initially support the oil field of Ayacucho, which belongs to the Orinoco Belt, with a reserve of 5,342 million barrels of oil valued at 267,000 million dollars, He explained the minister. Thus, the Government of Venezuela hopes to have an initial support of oil assets valued at more than 267,000 million dollars (222.615 million euros), according to Jorge Rodríguez, who stressed that, unlike virtual currencies like bitcoin, the petro will be backed assets like oil reserves, gold and diamonds from Venezuela. "It is imminent the process and certainly have no doubt, so say the major international analysts in this matter, that this cryptocurrency born with much more strength than they have other criptomonedas, and as some writers say will be an example for others many countries, including Spain, to think about creating new criptomonedas for their countries, "the minister added triumphantly.


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