Venezuelan President Nicholas Maduro announced that the country is planning to launch a second Venezuelan cryptocurrency. The security of the new digital currency will be from the country’s gold reserves.
The start of petro gold is expected next week. “Next week, I will release gold oil backed by gold, which is even more powerful and will strengthen oil,” said Maduro.
The head of state hopes that cryptocurrencies will help Venezuela overcome US financial sanctions as it fights against hyperinflation and a collapsing socialist economy.
“Instead of buying the gold-backed crypto-gold, I just went to buy my gold.” Gold is a physical thing you want to keep in your hands and that’s the goal, “says Sean Walsh, founder of the Redwood City Ventures crypto investment company.
El Petro crypto started officially in Venezuela this week. The country boasts that it received $ 735 million on the first day of its sale.