/Maduro Orders the Issue of 100M Petros, Venezuela's Oil-Backed Cryptocurrency

Maduro Orders the Issue of 100M Petros, Venezuela's Oil-Backed Cryptocurrency



The cryptocurrency cannot be issued with oil reserves as a guarantee. Article 3 of the Organic Hydrocarbon law of Venezuela establishes that oil reserves [can] not [be] exploited, that is to say, those that are in the subsoil and that are very abundant, cannot be placed as a guarantee of any commercial orĀ …

Source: Maduro Orders the Issue of 100M Petros, Venezuela’s Oil-Backed Cryptocurrency