Venezuela will provide its cryptocurrency 5 billion barrels of oil
The Venezuelan cryptocurrency El Petro will be provided with 5 billion barrels of oil, the president of the country Nicholas Maduro told media. He called the oil field “Ayakucho-1” as the source of this oil for these purposes. One El Petro coin can be exchanged for one barrel.
Maduro does not exclude that in the future the national cryptocurrency will be provided by gold and diamond deposits.
The Venezuelan authorities first started talking about their own cryptocurrency in early December. They hope that this will help the country cope with the economic crisis and circumvent the sanctions. A team of specialists will soon be assembled, which will deal with development and mining of a new cryptocurrency El Petro.