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While Venezuela is being pounded to death by runaway inflation, the Venezuelan Government and Maduro have decided to start selling its Petro cryptocurrency (PTR). Every PTR coin is supposedly backed by a barrel of Venezuelan oil. Maduro is looking to sell his 100M crypto tokens for $6B. I think "token" is the key word here. I highly suggest you run, don't walk, in the other direction, but what do I know? There are only 82.4M coins left!
“The largest and most important companies and Blockchain in the world are with Venezuela, we are going to sign agreements,” Maduro expressed. “Six weeks ago I announced the creation of the Venezuelan cryptocurrency,” the president adding that the government had been working to launch the currency since then. Maduro previously announced that the value of the entire Petro issuance of 100 million tokens would be just over US$6 billion. The cryptocurrency, which will be backed by the oil resources of the country, aims to begin a new economic era in the nation.[/QUOTE]
Bitcoin continues its steady rise on the week as well.
“The largest and most important companies and Blockchain in the world are with Venezuela, we are going to sign agreements,” Maduro expressed. “Six weeks ago I announced the creation of the Venezuelan cryptocurrency,” the president adding that the government had been working to launch the currency since then. Maduro previously announced that the value of the entire Petro issuance of 100 million tokens would be just over US$6 billion. The cryptocurrency, which will be backed by the oil resources of the country, aims to begin a new economic era in the nation.[/QUOTE]
Bitcoin continues its steady rise on the week as well.