Enter 'petro': Venezuela to launch oil-backed cryptocurrency

[Eugene]

Source: Reuters

#BUSINESS NEWS DECEMBER 3, 2017 / 2:36 PM / UPDATED AN HOUR AGO

Enter 'petro': Venezuela to launch oil-backed cryptocurrency

Alexandra Ulmer, Deisy Buitrago
4 MIN READ

CARACAS (Reuters) - President Nicolas Maduro said on Sunday Venezuela would launch a cryptocurrency to combat a U.S.-led financial “blockade,” although he provided few clues about how the economically crippled OPEC member would pull off the feat.

“Venezuela will create a cryptocurrency... the ‘petro,’ to advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade,” leftist Maduro said during his weekly Sunday televised broadcast.

The digital currency will be backed by Venezuelan reserves of gold, oil, gas, and diamonds, he said during the near five-hour show, which included traditional Christmas songs and dancing.

“The 21st century has arrived!” Maduro added to cheers, without providing specifics about the currency launch.

-snip-

Read more: https://www.reuters.com/article/us-venezuela-economy/enter-petro-venezuela-to-launch-oil-backed-cryptocurrency-idUSKBN1DX0SQ

[no_hypocrisy]

1. Wasn't that originally the plan of Saddam Hussein before * toppled him and his government?

But with Euros, not petrodollars.

http://content.time.com/time/magazine/article/0,9171,998512,00.html

[GatoGordo]

2. The problem being

Cryto currency has value. Its volatile, but it has value.

Maduro thinks he can create value out of thin air.

More smoke and mirrors.