The petro: the cryptocurrency created by venezuela

The cryptocurrency market has been one of the great protagonists of the year. It has shown to be a very fluctuating market, but in recent weeks it is news for the enormous growth that Bitcoin is experiencing. It seems that this has been the reason why Venezuela decides to create its own cryptocurrency. Nicolás Maduro has announced the birth of El Petro.

The Petro: The cryptocurrency created by Venezuela

With this virtual currency, the country seeks to achieve an external source of income. Since for months the country has been involved in a serious economic crisis, which at the moment does not seem to have a close end. Furthermore, the various international blockades do not help Venezuela. Therefore, Petro is expected to help generate additional income.

The Petro: New cryptocurrency

The country's president has said that thanks to this cryptocurrency the country will be able to move towards new forms of international financing. In addition to serving as a backup to their riches of oil, gas and gold. To have control over El Petro, the so-called National Observatory dedicated to Blockchain has been created . It is an institution that is attached to the Ministry of University Education, Science and Technology.

A total of 50 professionals are in charge of laying the economic, legal and technical foundations of El Petro. So as you can see it is a project that is in a very early phase. So it will take a while to finish. Although nothing has been revealed about possible dates in this regard.

The Petro is an experiment for Venezuela in its search for new ways of financing. Although, it can inspire other countries in similar situations to opt for similar measures. We will have to see the development of this currency in the market when it comes out. But, without a doubt it is an unusual project for the government of a country. What do you think about Venezuela's plans?