Venezuela Cryptocurrency Petro Set To Launch

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  • Venezuela is set to launch its national crytocurrency known as Petro, the launch date has been said to be 20 February. It is said to be backed by OPEC member Venezuela’s oil, gas, gold and diamond reserves. More info on this Reuters new story here.

    It is claimed that the President Maduro has been recruiting miners to mine the country's new digital currency. The country hopes to help pull itself out of a economic crisis as it hasn't been able to pay back debts, widespread shortages of food and medicine and the traditional currency is currently at an all time low against the US$.

    What are your thoughts on this?

  • It looks more like a failed joke from president Maduro, his country is on the brink of collapse and the Petro is far from being a solution to their problems. 

  • When you create a new cryptocurrency, the main thing is to convince people to invest their money in it. And who entrusts money to those who have brought their people to hunger, having such a lot of natural resources?

  • President Maduro doesn't have the strength that Chavez had... With this move of making some kind of government cryptocurrency, I think he can only worsen the situation in Venezuela..

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