The
Petro coin will “neutralize” the threat of black markets and
money mafias across the country, officials say.
Venezuela’s
cryptocurrency Petro arrives on the global markets Monday, backed by
the nation’s vast oil reserves. The digital currency is one of the
most innovative parts of the Economic Recovery, Growth, and
Prosperity Program.
“The
#Petro, unlike other digital currencies, doesn't need to be mined
because it already has a value; it is shielded with Venezuelan oil
and mining wealth,” said President Nicolas Maduro during a
televised address, referring to the country’s gold, diamond, iron,
and aluminum.
According
to the Bolivarian head of state, the Petro is already present in the
world’s six topmost international exchange houses and will now be
accepted at a national level.
"All
Venezuelans will have access to the Petro and through it to make
international purchases," the president said, adding that
Petro coins are now a legal substitute to dollars in real estate
deals as well as paying for goods such as airline tickets, hotels and
the like.
“The
National Plan of Criptoactives of Venezuela will last 10 years. This
is going to be the epicenter of the development of a new economy in
the country,” Maduro said.
According
to Venezuelan officials, the Petro coin will “neutralize” the
threat of black markets and money mafias across the country. Such
money mafias are widely blamed for a slump in the value of the
Venezuelan Bolivar, further exacerbating the nation's economic woes,
Foreign Minister Jorge Arreaza told media reporters.
Other
initiatives to balance out the South American nation’s economy were
introduced including the circulation of the Sovereign Bolivar which
transpired last month.
According
to experts, the governmental objective is to stop the imbalance, a
product of the economic war induced from abroad.
The
outstanding offer of the Sovereign Bolivar will be subject to the
number of Petros available and would act as a conversion box. At the
same time, it will be associated with the value of the price of
Venezuelan oil, according to the state news agency AVN.
Each
unit of the cryptocurrency will be equivalent to 3,600 Sovereign
Bolivars and will be the reference for fixing the value of work, the
price of services, and of consumer goods — one of the accounting
units that will govern the Bolivarian nation.
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