Venezuela Could be Launching a Cryptocurrency Soon

venezuela cryptocurrency

The country of Venezuela will reportedly launch a cryptocurrency backed by the country’s oil reserves worth around $267 billion. The coin will supposedly launch within a few days, but many are skeptical. The president of the country Nicolas Maduro surprised many across the world when he announced this new petro-backed cryptocurrency. With the country being a member of OPEC, it appears that they are quite serious about this situation.

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Many cryptocurrency experts around the world have high doubts that this will actually come to fruition, with the country stating that it is only days away from being released. Jorge Rodriguez, an expert on cryptocurrency stated that “Camp one of the Ayacucho block will form the initial backing of this cryptocurrency. It contains 5.342 billion certified barrels of oil. We’re talking about backing of $267 billion.” This is the main aspect that separates this cryptocurrency from many of the others in existence. Most cryptocurrencies are not backed by anything, so to have one that is fully backed by some resource, is incredibly new. The country has stated that there are many miners lined up to begin mining the currency, and that it relies on transparency and clear rules within the country.

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With fair treatment of all those who invest, and a relatively transparent system, the potential for this currency could be quite large. The country currently has around 30 million residents who do not have power, as well as a failing economy entering year four of a recession. This is the presidents plan to help bring the country out of the current recession. The hopes are high that this new currency can eventually come to fruition despite skeptics, and change not only the cryptocurrency landscape, but the lives of the individuals who need the help the most.


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