Policy & Regulation

Venezuela announces launch of new currency based on oil and gas

Venezuelan President Nicolas Maduro announced on Sunday that the country would launch the ‘petro’, a cryptocurrency backed by oil and gas reserves.
By Staff reporter 4 December 2017 0 28654

Venezuelan President Nicolas Maduro announced on Sunday that the country would launch the ‘petro’, a cryptocurrency backed by oil and gas reserves, Reuters reported.

Maduro offered few details about the plan but declared in a speech that the petro would help Venezuela “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade”.

He added that “the 21st century has arrived”.