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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: 3, Informative) by FatPhil on Thursday December 07 2017, @09:15AM (4 children)

    by FatPhil (863) <{pc-soylent} {at} {asdf.fi}> on Thursday December 07 2017, @09:15AM (#606725) Homepage
    Yeah, but there are 1334 to chose from, I'm sure they can find one that's not in wide use: https://coinmarketcap.com/all/views/all/
    --
    Life is a precious commodity. A wise investor would get rid of it when it has the highest value.
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  • (Score: 1, Funny) by Anonymous Coward on Thursday December 07 2017, @02:12PM (3 children)

    by Anonymous Coward on Thursday December 07 2017, @02:12PM (#606790)

    Yeah, but there are 1334 to chose from

    I see, we need another three.

    • (Score: 1) by khallow on Thursday December 07 2017, @05:46PM (2 children)

      by khallow (3766) Subscriber Badge on Thursday December 07 2017, @05:46PM (#606892) Journal
      1334? RIDICULOUS! We need to develop one universal currency that covers everyone's use cases.
      • (Score: 2) by maxwell demon on Thursday December 07 2017, @09:22PM (1 child)

        by maxwell demon (1608) Subscriber Badge on Thursday December 07 2017, @09:22PM (#606998) Journal

        I get you didn't calculate 1334 + 3?

        (And yes, I did get the xkcd reference)

        --
        The Tao of math: The numbers you can count are not the real numbers.
        • (Score: 1) by khallow on Thursday December 07 2017, @11:28PM

          by khallow (3766) Subscriber Badge on Thursday December 07 2017, @11:28PM (#607044) Journal
          A woosh was involved, yes.