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Financial News: VENEZUELA: Government Moves Ahead With Country's Cryptocur

VENEZUELA: Government Moves Ahead With Country's Cryptocurrency

01/04/2018 - 17:41:00 (RTTNews)

(RTTNews) - The Venezuelan government is moving ahead with the implementation of its cryptocurrency, named Petro, developing the technological platform, said the Vice President for the Economic Area, Wilmar Castro Soteldo.

Petro should be the first cryptocurrency backed by reserves of oil, gas, gold, diamonds and other natural minerals.

"There are already many months of debate, studies to work properly," he said, according to the Venezuelan state news agency. Soteldo stressed that Petro must "encourage other countries, which, like Venezuela, have been the victims of the siege of the world's major financial centers, and could have a reference in this experience."

The expectation of the government of Nicolás Maduro with the cryptocurrency's implementation is to recover and boost the country's economy in 2018.

The new currency was announced at the beginning of December by the president. He stated then that "it will help to overcome the financial blockade and thus move towards new forms of international financing for the economic and social development of the country."

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