Venezuela Announces New ‘Petro Gold’ Cryptocurrency

Venezuelan leader Nicolás Maduro has recently announced that within one week, the county is going to launch a new
cryptocurrency, the Petro Gold. The cryptocurrency, according to local news source Telesur, will be backed by precious
metals. Notably, Maduro’s announcement was made Wednesday (Feb. 21), one day after Venezuela launched its oil-backed
cryptocurrency, the Petro. As covered by CCN, the Petro (PTR) was announced back in December, as a way for the country to
bypass sanctions and fight an “economic war” with the United States. The Petro’s pre-sale is currently ongoing, and according
to Maduro it’s already netted $735 million, although he didn’t back this claim with any evidence. Shortly after the Petro was
announced, Venezuela’s opposition-run congress criticized the cryptocurrency’s sale, as an “illegal and unconstitutional”
instrument to mortgage the country’s oil reserves. The US warned that citizens who bought the cryptocurrency could be
violating the sanctions, while investors voiced concerns over Venezuela’s solvency and transparency.


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