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Venezuela plans to launch electronic currency backed by oil and gold

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Venezuela plans to launch electronic currency backed by oil and gold

Venezuela plans to launch electronic currency backed by oil and gold
The new electronic currency called "Petro"
 
 04 December 2017 01:53 PM

Venezuela has decided to issue an electronic currency in an effort to overcome the effects of financial sanctions imposed by the United States.

Venezuelan President Nicolas Maduro said in a televised address on Sunday that his country would issue an electronic currency backed by its reserves of gas, oil and diamonds, and Petro claims, quoting Reuters.

Maduro added that the electronic currency would help his country to advance on its sovereign financial policy issues to be able to carry out financial transactions and overcome the financial blockade.

"Venezuela is facing a global financial war," he said.

Venezuela is currently seeking to restructure its debt estimated at 60 billion dollars, and introduced last month a new currency worth 100 thousand Bolivar.

The IMF forecast inflation in Venezuela would reach 2300 percent next year, with the country's economic crisis and the collapse of the local currency.

https://www.mubasher.info/news/3196081/فنزويلا-تعتزم-طرح-عملة-إلكترونية-مدعومة-بالنفط-والذهب?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ar%2FISX%2Fnews+(ISX+Arabic+News)

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