Venezuela plans to again its nationwide oil-pegged cryptocurrency, the Petro (PTR), with 30 million barrels of crude oil. Venezuelan President Nicolas Maduro introduced that the oil inventories are sitting within the nation’s storage tanks and are prepared for instant commercialization to function a “liquid, bodily, materials backing” for the Petro.
The president introduced the information on Nov. 20 on state tv, in response to a Reuters report. Within the announcement, Maduro referred to as the Petro a “sovereign Venezuelan crypto asset.”
Venezuela initially deliberate to again the Petro with 5 billion barrels of oil
Whereas Maduro has not provided any particulars on how the sale of oil inventories would work so as to again the Petro thus far, one other Reuters report mentioned that the Venezuelan authorities initially deliberate to again the cryptocurrency with 5 billion barrels of oil.
In keeping with the report, the sharp decline within the amount of the Petro’s backing was brought on by United States sanctions on…