Venezuela strenghtens its Petro crypto-currency with $ 5 bln barrels of oil

Baku. 28 December. REPORT.AZ/ Venezuela has allocated 5 bln barrels of oil reserves to provide country with Petro crypto-currency. 

Report informs citing the TASS, Nicolas Maduro said in an interview with the Venezolana de Television.

“I present certified Ayakucho No 1 field in the oil extraction strip of the Orinoco beltr”, he said.

Foreign consulting companies approved tha, this field has more than 5 bln. barrels of oil.

"I give a barrel of oil for each El Petro. Crypto-currency mining will be available in whole country. In the future, the Arko Minero gold mine and diamond fields will also be allocated to support this initiative”, - Maduro added.

Notably, Venezuela has been struggling with a sharp economic downturn in recent years. According to the International Monetary Fund (IMF), inflation in Venezuela is expected to reach 652.7% this year and 2 349.3% in 2018.