on wednesday(dec.27), a speech, venezuela's president, nicolas maduro said venezuela's upcoming encrypted digital currency based on the country's oil resources"oil money"(petro), each"oil money"equivalent of a barrel of crude oil.
not only such, maduro has also announced to 5 billion barrels of oil for oil currency as the material basis for the money, the future will likely also a big mine gold also as oil currency capital base-this means that oil money market value is likely to surpass the currency in the future, and instead become the world's most valuable, the most popular virtual currency.
maduro ambitious, for the oil money to revive the economy
in fact, as early as the beginning of this month, maduro has said venezuela will be based on the country's oil, gas, gold, diamonds and other resources, to invent an encrypted digital currency,"oil money"(petro).
maduro has revealed that he will be in the country built up a batch of mining encrypted digital currency"mine", but he did not give more technical details about"oil money"and launch time.
venezuela will use this currency for international payment, venezuela as a new way of financing in the world.it is understood that the venezuelan government has been set up by science and technology, economic, and legal experts in the field of organization, responsible for the"oil money"project.
click here to read articles huitong network"to break the sanctions to save the economy in the united states, venezuela issued"oil money","
maduro has said the hope"oil money"will help venezuela"progress on monetary sovereignty, conduct financial transactions, to break the financial blockade".
however, this vision laughed at by the opposition leaders.opposition, according to the real currency, venezuela bolivar continue to collapse, and countries are lack of basic needs such as food and medicine.in such a chaotic situation, the digital currency even"difficult to see the light of day.
oil coin or coins, grab the digital currency world throne
in fact, since the currency continues to surge this year, the world has been caught up in the frenzy of digital currency.
local time thursday(december 28), venezuela's information minister rodriguez(jorge rodriguez), said at a news conference to officially announced the release of the first batch of"oil money"is only a matter of time., he says,"oil money"can effectively make deep diplomatic isolation trap venezuela from the impact of the international financial system.
rodriguez specially mentioned, although belong to digital currency, but oil money and coins and other digital currency is different, because behind it is supported by hard assets.maduro speech the day before had announced, will the orinoco heavy-oil belt(orinoco belt) ayacucho block(ayacucho) no.1 oil field all the oil reserves as the material basis for the issue"oil money"-it is important to note that the field of more than 5 billion barrels of oil reserves.
5 billion barrels of oil that mean value of about$267 billion in financial support.in contrast, the world's largest digital currency the currency's value is only$246 billion.
"digital currency"on many countries plan to
in fact, venezuela is not the only one hope to benefit from digital currency of the country.russia has announced it plans to release digital currency"encryption rupees(cryptoruble).and israel has a similar plan, hope to issue"digital shekels(digital shekel)".dubai is also preparing to take the chain block train, digital currency issuing countries dominated.
analysts believe that in general, some of the financial system is relatively underdeveloped, the weaker countries economic development more popular digital currency such as coins, digital currency exchange rate in these countries tend to have higher.in zimbabwe, for example, last month after the military took over zimbabwe regime, the country's currency exchange rate directly soared to twice the international currency.