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posted by takyon on Thursday December 07 2017, @05:43AM   Printer-friendly
from the petros-per-gallon dept.

Enter the 'petro': Venezuela to launch oil-backed cryptocurrency

Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the "petro" backed by oil reserves to shore up a collapsed economy. The leftist leader offered few specifics about the currency launch or how the struggling OPEC member would pull off such a feat, but he declared to cheers that "the 21st century has arrived!"

"Venezuela will create a cryptocurrency," backed by oil, gas, gold and diamond reserves, Maduro said in his regular Sunday televised broadcast, a five-hour showcase of Christmas songs and dancing. The petro, he said, would help Venezuela "advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade."

Opposition leaders derided the announcement, which they said needed congressional approval, and some cast doubt on whether the digital currency would ever see the light of day in the midst of turmoil. The real currency, the bolivar, is in freefall, and the country is sorely lacking in basic needs like food and medicine.


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  • (Score: 0) by Anonymous Coward on Thursday December 07 2017, @07:33AM (4 children)

    by Anonymous Coward on Thursday December 07 2017, @07:33AM (#606696)

    They could issue paper currency backed by oil revenue instead.

  • (Score: 2) by FatPhil on Thursday December 07 2017, @07:35AM (2 children)

    by FatPhil (863) <{pc-soylent} {at} {asdf.fi}> on Thursday December 07 2017, @07:35AM (#606700) Homepage
    Nah, but it's he 21st century, and everything has to be blockheadchain.
    --
    If vaccination works, then why doesn't eucharist protect kids against Christianity?
    • (Score: 0) by Anonymous Coward on Thursday December 07 2017, @07:44AM

      by Anonymous Coward on Thursday December 07 2017, @07:44AM (#606703)

      Nah, but it's he 21st century, and everything has to be blockheadchain.

      I think we are at a point where vast majority of people that use this term know fuck-all what it actually means. But you know, as long as the value keeps going up, then you must buy buy buy!! Like the Chinese apartment prices.

    • (Score: 0) by Anonymous Coward on Thursday December 07 2017, @02:46PM

      by Anonymous Coward on Thursday December 07 2017, @02:46PM (#606800)

      Nah, but it's he 21st century, and everything has to be blockheadchain.

      Holy cow, are you my boss by chance?!

  • (Score: 2) by Bot on Thursday December 07 2017, @11:13AM

    by Bot (3902) Subscriber Badge on Thursday December 07 2017, @11:13AM (#606757)

    Printing and especially securely distributing paper costs more than moving bits. Especially when it is your client that maintains the blockchain, and you are a bit broken...