Venezuela launches New Oil-Backed Crypto Coin "Petro"

Venezuela has officially launched its oil-backed cryptocurrency

The first state-backed-oil-backed cryptocurrency claimed by President Nicolas Maduro has been officially launched in Venezuela. For the last some months, new plans for economic recovery were being touting by Maduro, those plans also included a plan for the pricing policy of gasoline through which the cheap gas prices of Venezuela would be raised. This would be for the first time in two decades. This plan was basically made to sooth the economic crisis. It also featured the devaluation of currency and begging new bolivars to Petro. It has been claimed by Maduro that Petro is actually strengthening his announcement which he made recently about the economic overhaul plan.

This will also make revolution in the world of global crypto economy in a new category of trade, monetary exchange and finance. Maduro said that the official public sale of the Petro that is said to be backed by natural gas, oil, gold and diamond will start from November 5. The Venezuela’s authorities gave a statement that the petro is a tool which helps to consolidate the financial dependence and economic stability of Venezuela.

It combines with it the global vision of ambition for creating the freer and fairer and balanced global financial system. When Maduro announced at first, just after some months of it, US banned the dealings of any digital coin, token and currency which has been issued by Venezuela. Analysts and Experts are cynical that the cryptocurrency of Venezuela is actually backed by the minerals and oil assets. According to the statement of Tapscott, there is no proof that this Venezuela’s currency’s claim of being backed by natural gas oil is really true. He also told BBC that there is very little technical information about this currency, and this launch will be beneficial for the economic development of Venezuela.


Venezuela is located at the northern coast of South America that has got different natural attractions. It has got tropical resort islands along with the Caribbean coast which includes the famous Los Roques archipelago and the island of Isla de Margarita. There are Andes Mountains to the northwest.


Cryptocurrency is a digital currency which is issued on the basis of encryption techniques and it regulates the generation of currency units and also verifies the fund transfer and the operation of the central bank of the issuing country. Top other crypto currencies may include, ethereum, ripple, litecoin, dash, NEM, Monero, Ethereum Classic, and Z cash.



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