Venezuela's cryptocurrency to be effective from October 1

Baku. 21 September. REPORT.AZ/ Government-backed cryptocurrency, called the petro, will be used in international transactions starting from October 1, President of Venezuela Nicolas Maduro said.

Report informs citing RIA Novosti that Maduro determined the cost of one "petro" at $60 dollars, or 3,600 new bolivars. "On October 1, the 'petro' will  enter the streets to become a means for commodity exchange, purchase and convertible currency for the whole world," Maduro said on the state television Thursday.

Notably, on February 20 Venezuela released oil-backed cryptocurrency "petro", becoming the first country with its own crypto currency supported by oil reserves.