$6 Billion Oil-Backed Cryptocurrency: Venezuela’s President Orders Issue of 100 Million Petros!!!

nixon73 (49) in cryptocurrency • 7 years ago

Venezuelan president Nicolás Maduro has announced the issuance of 100 million petros, the state’s proposed upcoming national cryptocurrency backed by its oil reserves, the world’s largest by any country.

Featured image from Shutterstock.

Venezuela’s national cryptocurrency, the petro, will soon see its first issuance after Maduro’s mandate to issue 100 million units of the digital tokens. Each petro will be directly valued to a single barrel of oil, reports the El Nuevo Herald. At an average of just under $60 per barrel at the time of his announcement, the total value of 100 million petros would be just under $6 billion.

As reported by CCN in December, Maduro first announced the cryptocurrency as a means to evade and circumvent economic sanctions and the “financial blockade” imposed by the U.S. president Trump’s administration. In August, the US government enforced crippling financial sanctions that have proved a blockade in Venezuela’s access to international banks and global finance.

For more details click this link: https://www.ccn.com/6-billion-oil-backed-cryptocurrency-venezuelas-president-orders-issue-100-million-petros/
If you like my post & photos - please subscribe to my blog: https://steemit.com/@nixon73

cryptocurrency news bitcoin petros steem

7 years ago by nixon73 (49)

$2.43

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!

Sort Order:

Trending

[-]

retiredinsamar (56) · 7 years ago

A good move by the country (not that I endorse any government) to help relieve their financial burdens. Not sure how the commoner will fare though. It will be interesting to see how this plays out.

$0.13

2 votes

[-]

nixon73 (49) · 7 years ago

Undoubtedly the country is a good step. Declaration of cryptography is a bold step in contrast to economic sanctions and limits, and a separate change in Venezuelan international banks and global financing is undoubtedly.

$0.05

2 votes

[-]

red-rose (60) · 7 years ago

Upvoted from 200% to 250%

Good post @red-rose like it

I HAVE UPVOTED THIS POST
ALSO RESTEEMED TO 675 FOLLOWERS.

GOOD WORK, I READ IT, I LIKED THE CONTENT AND PICTURES.

I WILL SHARE IT ON MY WEBSITE ON GOOGLE BLOG, G+,T,P, & MY FACE BOOK FAN PAG AFTER FEW DAYS.

THANK YOU
SAMER
RED-ROSE

$0.03

1 vote

[-]

samantharini (52) · 7 years ago

good post.

$0.00

[-]

voteme (5) · 7 years ago

You got a 25.00% upvote from @voteme courtesy of @nixon73! For next round, send minimum 0.01 SBD to bid for upvote.

Do you know, you can also earn daily passive income simply by delegating your Steem Power to voteme by clicking following links: 10SP, 25SP, 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.