DooKey
[H]F Junkie
- Joined
- Apr 25, 2001
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- 13,560
Venezuelan President Maduro has announced that his country will now offer a new currency that he hopes will let them get around international financial sanctions. He calls his new currency the "petro" and it will be a cryptocurrency that's supposedly backed by oil, gas, gold, and diamond reserves. If this ever sees the light of day I'm not expecting too much out of it since he can't manage his hard currency. However, I'm sure a lot of our current crop of cryptocurrency speculators would be willing to at least grab a few to see what happens.
The announcement of the “petro” came during a Christmas special on state TV that featured five hours of seasonal songs and dancing. It’s unclear whether the digital currency will ever come to fruition. Few details were given. Maduro said the new cryptocurrency would help Venezuela “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”
The announcement of the “petro” came during a Christmas special on state TV that featured five hours of seasonal songs and dancing. It’s unclear whether the digital currency will ever come to fruition. Few details were given. Maduro said the new cryptocurrency would help Venezuela “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”