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06 December 2017, 01:08 | Terri Saunders
Venezuelan President Announces Oil-Backed Cryptocurrency “Petro” to Combat 'US Blockade'
On Sunday, the President of Venezuela, Nicolas Maduro, made an announcement regarding the introduction of oil reserves-backed "petro" for reviving the collapsed economy.
Mr. Maduro gave no details in his TV address about what the new currency's value would be, how it would work or when it would be released. He outlined that the country will create a cryptocurrency, backed by oil, gas, gold, and diamond reserves. It will enable Venezuela to advance in monetary sovereignty and carry out its financial transactions to overcome the financial blockade. Hitherto cryptocurrencies have not been backed by any government or central bank. They outlined it needs congressional approval.
Everyday Venezuelans have to face long lines at cash machines to withdraw the country's currency, the bolivar, which is in short supply, the New York Times reported.
The country is now lacking basic needs like food and medicine, and its currency, the bolivar, is in freefall as it went down 57 percent last month alone on black markets due to currency controls and excessive money printing.
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I think he has a lot of improvement. "In that moment you are at the top otherwise you are a great player, but only a great player".
Maduro said the proposed cryptocurrency, called "petro", will help combat the US' "blockade" against the country.
The Trump administration has levied sanctions against Venezuelan government officials, state oil executives and its debt issuance, hurting Venezuela's ability to move money around as it faces a heavy debt burden, according to the news agency. That has dragged down the monthly minimum wage to a mere $4.30 (3.2 pounds). Reuters quoted lawmaker Angel Alvarado, who said that the idea has "no credibility".
Avowed Marxist and member of the constituent assembly Jesus Faria has called for changes to monetary policy that would lead to free global exchange. However, there is a high risk of the plan flopping.
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