Crisis-hit Venezuela will issue its own oil-backed cryptocurrency, Petro, with an implied value of $ 5.9 billion as its economy continues to decay.
100 Million Petros ‘Ordered’ At $ 59 A Piece
In what appears to be a last-ditch attempt to circumvent US sanctions and keep cash flowing into the country, President Nicolas Maduro announced 100 million units of its Petro cryptocurrency would enter the market.
The announcement, according to Reuters, came during the President’s appearance on national television yesterday.
I have ordered the emission of 100 million petros with the legal sustenance of Venezuela’s certified and legalized oil wealth.