{"id":2640,"date":"2017-12-30T02:40:52","date_gmt":"2017-12-30T02:40:52","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=2640"},"modified":"2018-01-03T17:32:12","modified_gmt":"2018-01-03T17:32:12","slug":"venezuelas-oil-reserves-to-back-crypto-currency-petro","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/venezuelas-oil-reserves-to-back-crypto-currency-petro\/","title":{"rendered":"Venezuela\u2019s Oil Reserves to Back Crypto Currency Petro"},"content":{"rendered":"

\"PresidentIn the first week of December, Venezuela\u2019s President Nicolas Maduro had announced the creation<\/a> of Petro<\/strong> – the digital currency of Venezuela – to fight the US sanctions and lead the country in the path of economic and social development. In the past year alone, Bolivar, the currency of Venezuela has declined by 95% ($1 = 84,000 Bolivars).<\/p>\n

Thus, crypto currency such as the Bitcoin has already gained tremendous popularity among the people. By introducing a digital currency, the government aims to bring down high inflation, which has soared to 4,000%. To gain the confidence of investors and businessmen, the government has decided to back the digital currency with five billion barrels of crude oil.<\/p>\n

The decision was announced by Maduro, while giving a speech on the country\u2019s national television network. The Petro will be backed by the certified Ayacucho oil field<\/strong> No.1 in the Orinoco Petroleum Belt<\/strong>.<\/p>\n

Maduro told <\/p>\n

\u201cEvery single Petro will be backed by a barrel of oil. We will set up a special team of crypto currency specialists, so they will be engaged in mining in all states and municipalities of our country.\u201d<\/p><\/blockquote>\n

Further, Maduro also announced that the crypto currency will also be supported by the gold deposits of the Arco Minero del Orinoco belt and diamonds from the country\u2019s natural reserve.<\/p>\n

Venezuela may be followed by a host of other countries such as Russia (CryptoRuble<\/strong>) and Israel (Digital Shekel<\/strong>) in creating a digital currency. Dubai\u2019s Economy Department has already partnered with one of its subsidiaries called Emcredit Limited<\/a> and U.K.-based Object Tech Group<\/a>, Ltd. to create the digital currency named \u201cemCash\u201d.<\/p>\n

It is becoming clear that more governments will join the crypto bandwagon soon.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the first week of December, Venezuela\u2019s President Nicolas Maduro had announced the creation of Petro – the digital currency of Venezuela – to fight the US sanctions and lead the country in the path of economic and social development. In the past year alone, Bolivar, the currency of Venezuela has declined by 95% ($1 […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69,68,2],"tags":[],"class_list":["post-2640","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-cryptocurrency","category-legislation"],"yoast_head":"\nVenezuela\u2019s Oil Reserves to Back Crypto Currency Petro<\/title>\n<meta name=\"description\" content=\"To instill confidence in the mind of investors, Venezuela announced that its crypto currency Petro will be backed by oil reserves and gold deposits.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/venezuelas-oil-reserves-to-back-crypto-currency-petro\/\" \/>\n<meta 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content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cameron Bishop\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/venezuelas-oil-reserves-to-back-crypto-currency-petro\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/venezuelas-oil-reserves-to-back-crypto-currency-petro\\\/\"},\"author\":{\"name\":\"Cameron Bishop\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\"},\"headline\":\"Venezuela\u2019s Oil Reserves to Back Crypto Currency 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