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Venezuela about to launch its ‘petro’ cryptocurrency

Monday - 19/02/2018 11:32

The pre-sale of the commodity-backed digital currency ‘petro,’ which has been announced by Venezuelan President Nicolas Maduro, is expected to start on Tuesday. The country hopes this will help to replenish its depleted budget.

The new cryptocurrency will be limited to 100 million units, called the mene. The petro token will be backed by Venezuelan oil, gas, gold and diamond reserves. 

Venezuela’s regulator said last week that it would draw investment from Qatar, Turkey and other Middle Eastern countries, as well as from European nations and the US.

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