A decree has been published by the government of Venezuela in regards to the operation of its exclusive cryptocurrency termed as Petro. The decree includes the government’s plans regarding the cryptocurrency in aspect of its issuance, trading and mining. Petro will be backed by 5 Million barrels of crude oil.
Nicolás Maduro the president of Venezuela had announced that the value of its indigenous cryptocurrency shall be backed up by 5.3 billion barrels of crude oil having a whopping value of $267 billion. He revealed the idea behind launching Petro in early December. He has shown a “document formalizing the provision of the certified Ayacucho oil field, No.1 in the Orinoco Petroleum Belt, for the support of El Petro cryptocurrency,” during a weekly TV and national radio broadcast.
Maduro had confirmed that:
“we will set up a special team of cryptocurrency specialists so they will be engaged in mining in all states and municipalities of our country”
He also added that “every single Petro will be backed by a barrel of oil.” The publication noted that the president had also “promised to allocate Arco Minero gold deposits from the Orinoco Belt along with the country’s diamond deposits” to the Petro. The creation and operation of Petro shall be looked after by the National Blockchain Observatory and the Cryptocurrency Superintendency.
The Gazette published by the Maduro government has outlined a decree sub-divided into 13 parts which are referred to as Articles. Almost half of them speak about the operational intricacies of the Petro currency.
Regarding the launch timeframe, Jorge Rodríguez the Minister of Communication and Information revealed that, “the first issue of the Petro cryptocurrency will be announced within days.”
Maduro added to this topic by stating that, “in the month of January, I will be presenting all the conditions for the Petro to start operating,” while giving his year-end-speech at a TV and national radio broadcast on the last day of 2017.
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