Maduro Wants To Unite Cryptocurrency Project Within OPEC
Nicolas Maduro, the president of Venezuela wants to create a common mechanism by international oil producers for issuing cryptocurrencies. The country is going to create its own oil-backed cryptocurrency called petro. The president told to reporters:
“I will make an official proposal to all OPEC members and non-OPEC states to work out a joint cryptocurrency mechanism backed by oil.”
The president also appreciated the deal on oil production between OPEC and non-OPEC countries and advised to extend the time at least for five years.
“I want the Joint OPEC-Non-OPEC Monitoring Committee to operate for at least five more years as we have already had great achievements,” said Maduro.
In December 2017,Maduro announced about launching national oil-backed Venezuelan cryptocurrency called “petro”. The aim was to protect the country from economical blockade and to develop financial system.
The date of petro’s pre-sale is set on 20 February, and the country intends to fill its state budget. The asset will be divided into 100 million units, called the mene.
Critics claim that the petro is a de facto issuance of government bonds, and would face sanctions from the United States like other Venezuelan assets.
The US has warned Maduro, that launching “ petro ” would only extend the country’s finanacial credits.
