Maduro now wants to issue state cryptocurrency

Nicolás Maduro, who is the leader of a regime closely resembling the ending days of Soviet Union when it comes to food on shelves, is now voicing the plans to issue the national cryptocurrency called Petro and backed by oil. One of the first media outlets to report on this was the Spanish El Mundo.

According to Maduro, this currency is going to be used a means of economic blockade evasion and increase the financial sovereignty of the country. The currency is going to be backed by natural resources, including diamonds and oil.

However, one familiar with the situation in Venezuela will immediately remember that Fitch, an international credit and rating agency, recently evaluated the economy of this country as CCC, or “default is just around the corner”. Observers noted that Russia, another country that voiced its intention to issue national cryptocoins, does not possess the required equipment and experts to make this real. Venezuela is in a much more dire state than Russia, which decreases the actual chances of this Petro currency to see the light of day to zero percent.

Venezuelan regime and law enforcement does not like miners, as suggested in our previous reports about this country. Some even suggest the law enforcers are using the confiscated mining rigs for their own benefit.