Venezuela will issue 100 million virtual currency

In December 2017, Venezuelan President Maduro announced that it will issue a virtual currency called “Petro Coin”. As the first digitally encrypted digital currency supported by natural reserves, it caused considerable concern at the time. Maduro announced more news about the virtual currency at a government working meeting on January 5, 2018.

Maduro said the first phase will be issued 100 million pieces of oil coins, each with the same value as a barrel of oil. Allegedly there are already 90,000 Venezuelan “miners” are ready, Maduro also hopes to meet with some representatives on the 14th, and announced more details on the “oil coins.”

Maduro thinks the digital currency will help Venezuela weather the current economic crisis, break the U.S. financial blockade and welcome investors from around the world to invest in “petro-currency.”

Reference: bitcoin