Venezuela launches emission of national crypto-currency

Baku. 8 January. REPORT.AZ/ Venezuela president Nicolas Maduro announced the emission of the first national crypto-currency petro.

Report informs referring to RIA Novosti, the local VTV channel reported.

“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. The act on establishment of the petro will be presented on January 14,” president stated.

In general, petro derived from Spanish word “petroleo” which mean oil. Venezuelan president made his first statement regarding national crypto-currency last December. President said petro will help to bypass the financial blockade of the country.

Venezuelan president allocated 5 billion barrels of crude oil to back this new currency.