President of Venezuela insists on the creation of an oil-backed cryptocurrency

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2018-01-16
Photo: Opposition supporters attend a rally to pay tribute to victims of violence during protests against Venezuelan President Nicolas Maduro's government in Caracas, Venezuela, July 24, 2017. REUTERS/Ueslei Marcelino TPX IMAGES OF THE DAY - RTX3CR9T
President of Venezuela insists on the creation of an oil-backed cryptocurrency

Nicolas Maduro, the President of Venezuela, has proposed Antigua and Barbuda, Plurinational State of Bolivia, Republic of Cuba, Commonwealth of Dominica, Republic of Ecuador, Grenada, Republic of Nicaragua, Federation of Saint Christopher and Nevis, Saint Lucia, Saint Vincent and the Grenadines,  (all member states of the Bolivarian Alliance for the Peoples of Our America (ALBA)) to develop together the Petro, his oil-backed cryptocurrency.

On January 12, during an official meeting of the Bolivarian Alliance for the Peoples of Our America, Maduro had commented:

“I put it on the table, brother governments of the ALBA, the proposal of the cryptocurrency of the Petro, so that we can take it on as one of the projects of integration of the 21st century in a bold way, but also in the manner of a creator and a creative.”

Maduro announced his idea to create an oil-backed cryptocurrency in mid-December, but the Parliament of Venezuela declared the Petro illegal.

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