New Currency Of Venezuela, The Petro

2024 Author: Steven Freeman | [email protected]. Last modified: 2023-12-17 08:15

Venezuela made international news again. But, this time, the reason is economic.

The President of Venezuela, Nicolás Maduro, reported on Sunday December 3 the creation of a new virtual currency or cryptocurrency of the country, which has been called "the petro". What do you intend to achieve with this new currency, which follows the line of the bitcoin currency? The same, according to Maduro, is created in order to be able to make economic transactions at the international level and thus face the alleged economic blockade that the United States affirms.

During his message on the program Los domingos con Maduro, which is broadcast by the official government channel, VTV, he made the announcement, according to CNN. I want to announce that Venezuela is going to implement a new cryptocurrency system from the oil reserves. Venezuela is going to create a cryptocurrency, the petro, to advance in terms of monetary sovereignty,”he said.

Likewise, he indicated that supposedly the creation of the same occurs as an economic strategy to achieve social and economic improvements in the South American country.

“This [the petro] is going to allow us to move towards new forms of international financing for the economic and social development of the country. And it will be done with a cryptocurrency issue, backed by Venezuelan gold, oil, gas and diamond wealth reserves, "he added. In addition to the denunciations of a humanitarian crisis, young people - and the population in general - fight for human rights in Venezuela to be respected and for the economic crisis to be resolved. Univision Noticias indicated that Maduro announced the creation of a special observatory of said virtual currency that will be attached to the Ministry of University Education, Science and Technology.