Venezuela’s cryptocurrency the Petro will not be backed as much as previously thought by physical oil. The President of the nation Maduro said that the 30 million barrels are ready for commercialization. Much less than the earlier statements of 5 billion barrels. The project was announced back in 2018 and it was made in order to avoid sanctions put in place by the US and a few other governments. It was initially said that Petro would be backed by 5 billion oil barrels, gold and other precious metals that can be found in Venezuela. The President had been promoting the coin after inflation reached high levels and international pressures began to take its toll on the home currency bolivar. At the same time, it was not working due to the adoption of Bitcoin and other major cryptocurrencies. Now that Maduro has under-delivered on the backing it will be left to see if the project works or if in time more commodities will be used to secure its value. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Forex today: DXY testing 98 on conflicting US/China trade headlines FX Street 3 years Venezuela's cryptocurrency the Petro will not be backed as much as previously thought by physical oil. The President of the nation Maduro said that the 30 million barrels are ready for commercialization. Much less than the earlier statements of 5 billion barrels. The project was announced back in 2018 and it was made in order to avoid sanctions put in place by the US and a few other governments. It was initially said that Petro would be backed by 5 billion oil barrels, gold and other precious metals that can be found in Venezuela. The President had been promoting the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
