After Petro Cryptocurrency, Venezuelan President Hints At Gold Backed Cryptocurrency Called Petro-Oro

Venezuelan president Nicolas Maduro is hinting at the launch of another cryptocurrency termed Petro-Oro following the launch “Petro” Cryptocurrency- the oil backed cryptocurrency on 20^th February.

TelSsu, a government sponsored news outlet reported that gold shall provide backing to this government endorsed cryptocurrency. Maduro announced during a Patria Para Todos [Fatherland For All] party event held at the National Theater in Caracas that:

“The petro is a cryptocurrency unique in the world that is supported by oil, and I have a surprise that I will launch next week, the Petro Oro [gold], backed by gold, even more powerful.”

Since the opening of  Initial Coin Offering of Petro cryptocurrency in 20^th February, a corpus of $735 million has been raised according to Maduro’s Twitter account.

Several Venezualans have been using the hashtag “#AlFuturoConElPetro,” [the future with the petro] while voicing their opinions in Twitter.  User José David Cabello R wrote that, “#AlFuturoConElPetro against any meddling, against the economic war, against the blockade. For the peace and Venezuela.” Foreign investors in Poland, Brazil, Honduras, Denmark and Norway revealed prior to the launch that they were open to acceptance of Petro Cryptocurrency.

Venezuela is presently suffering from more than 4000% hyperinflation which has caused its national currency Bolivar to lose about 96% of its value. The opposition-backed parliament of the country was at odds with the decision of Venezuelan president to launch Petro Cryptocurrency. The opposition group also declared petro to be an illegal token on 9^th January. The main reason behind this opposition was that they viewed Petro cryptocurrency as a way for the president to circumvent financial sanctions levied by the western countries on Venezuela.

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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.