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President Maduro's 'Petro Cryptocurrency'

Posted by George Freund on August 16, 2018 at 4:00 PM


Maduro said the petro cryptocurrency would become a 'second accounting unit'


The central bank will publish an exchange rate for the petro on world markets


It comes as new currency notes with five fewer zeroes will come into circulation


Venezuela will begin using its own cryptocurrency for the oil trade, prices and salaries in a bid to revive its struggling economy.


President Nicolas Maduro said the virtual petro currency, which was launched in February, would be a second 'accounting unit' for the country alongside the bolivar and would have an official exchange rate.


The change comes as new currency notes with five fewer zeroes come into circulation on Monday, with inflation forecast by the IMF to hit a million per cent this year.


Maduro said he would unveil a new salary and pricing system which would be anchored to the petro, which is backed by oil, ABC International reported...



People who want to keep benefiting from subsidized gas prices in this oil-rich nation must register their vehicles by Friday using the so-called 'carnet de la patria,' or fatherland card, which provides access to government assistance.


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Categories: New World Order, Economy