Maduro announced the creation of the Venezuelan state of cryptocurrency El Petro

Venezuelan President Nicolas Maduro announced the creation of the country’s own cryptocurrency El Petro, which, in his opinion, should be to help the country «move on the issue of monetary sovereignty» and to overcome the financial blockade:

«Venezuela announces the creation of their own cryptocurrency. This will allow us to switch to new forms of international Finance for economic and social development of the country», — said the President.

He added that the Venezuelan cryptocurrency is also necessary to carry out financial transactions and to seek new ways of financing.

According to Maduro, El Petro will be provided «the inventory of the Venezuelan natural resources — gold, oil and diamonds».

Technical details of the project are currently unknown. It is possible that it exists only «on paper». As for bitcoin and other cryptocurrencies — they have long been known and widespread in Venezuela, whose citizens are fleeing with them from runaway inflation (at the end of 2017 it is projected at 652.7%, and in 2018 already 2349.3%)

However, the government of Maduro, not just stating the prohibition of the public cryptocurrency, still does not support their use. In particular, there have been several arrests of miners, mainly associated with theft of electricity.

Previously from South America about trying to create a state of cryptocurrency in 2014, said Ecuador. At the same time, Central Bank of the country forbade the circulation of public cryptocurrencies. However, the project faced significant obstacles, and it was closed.

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