Maduro announces the creation of a virtual currency in Venezuela

The socialist president of venezuela, Nicolas Maduro, on 17 October 2017 in Caracas (Photo by Federico PARRA. AFP)

The socialist president of venezuela Nicolas Maduro announced on Sunday the creation of the “Petro”, a virtual currency based on the oil reserves of the country, to fight against the “blockade” financial of the United States.

“I am announcing that Venezuela will put in place a new system of cryptomonnaie based on its oil reserves. Venezuela will create a cryptomonnaie, Petro, to progress in the field of monetary sovereignty, to make its financial transactions despite the blockade financial,” said Maduro during his weekly television broadcast.

In addition to the oil, for which Venezuela holds the largest reserve bases in the world, this new virtual currency will be based on the gas, stocks of gold and diamonds, said the president.

“This will allow us to advance towards new forms of international financing for the economic and social development of the country,” he said.

Put in difficulty by the fall in oil prices, which it derives 96% of its foreign currency, sanctioned by the rating agencies, the country is forced to restructure a foreign debt estimated at around $ 150 billion by some experts, while its population is already suffering from severe shortages of food and medicines, lack of money to import them.

Venezuela and the company to the State oil PDVSA are already considered to be in partial default by several rating agencies.

In the Face of this, Caracas accuses Washington of “persecution financial”, in which the us president, Donald Trump had imposed at the end of August economic sanctions on Venezuela.

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