The first country to launch a digital currency

[yota691]

The first country to launch a digital currency

 

 

 2019/10/03 11:40:58

 

Venezuela's oil-backed digital currency, Petro, has recently entered world markets in an attempt to stabilize the fragile economy affected by the country's ongoing political crisis and US sanctions.

The local Telesur channel quoted Venezuelan officials as saying that Petro's cryptocurrency would neutralize the threat of black markets and money mafias.

Experts said the goal was to halt the imbalance caused by economic warfare driven from abroad, referring to sanctions against the country.

President Nicolas Maduro told a news conference that Petro's currency is different from other digital currencies because it is protected by oil and Venezuela's mining wealth.

He noted that Petro already exists in six of the world's largest international exchange centers (unspecified) and will now be accepted at the national level.

Maduro stressed that all Venezuelans will get the currency "Petro" - without setting a date - to make international purchases, pointing out that it is now a legal alternative to the dollar in real estate deals.

The price of one unit of state-backed Petro is equivalent to 3,600 bolivars (local currency), and will be a reference to determine the value of business and the price of services and consumer goods, and one of the accounting units that will govern the Bolivarian state, according to Telesur.