U.S. Warning: Investing Petro cryptocurrency violate sanctions against the OPEC nation’s socialist government

Venezuelan President Nicolas Maduro said this month that the country is going to issue 100 million virtual currencies, called “petro-coins,” each priced at the same price as a barrel of oil, in part because of the country’s introduction of cryptocurrencies In the hope of breaking the financial blockade from the United States in this way.

Image: datapromiami

Maduro hopes to replicate the success of cryptocurrencies such as bitcoin, giving Venezuela its own cryptocurrency. At present, Venezuela is experiencing severe inflation, and the exchange rate between the Bolivarian Republic of China, the traditional strong currency of the country, and the U.S. dollar has dropped to its lowest level in history.

Maduro said earlier that each piece of “oil coins” is equivalent to a barrel of Venezuelan oil, the average price of a barrel of oil last week was about 60.4 US dollars. This means that the total value of 100 million “petrol coins” is more than 6 billion U.S. dollars.

Up to now, the Venezuelan government has not disclosed how investors can get “oil coins.”

Reference: Reuters