Nicolás Maduro, President of Venezuela, has “ordered the issue of 100 million Petros”, a national cryptocurrency that is backed by oil.
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“I’ve ordered the issue of 100 million Petros, based on national wealth. Each Petro will have the value of a barrel of Venezuela’s oil.”
On January 14, the nation will hold its first meeting of Petro miners along with the publication of the cryptocurrencies whitepaper.
Immense hyperinflation in the region has led to extensive abandonment of the national currency, the Bolivar.
Those citizens fortunate enough to have access to the technology have been pursuing cryptocurrencies like bitcoin to help alleviate some of the financial uncertainty of the hyperinflated fiat currency.