Venezuelan President Nicolas Maduro announced the creation of its own cryptocurrency, which should help the country «overcome financial blockade.» About this Maduro said on state television, writes the Spanish newspaper El Mundo.
The President said the new cryptocurrency will be called El Petro. It is designed to help the country «move on the issue of monetary sovereignty» and «switch to new forms of international Finance for economic and social development of the country.»
El Petro will be provided in the «Venezuelan natural resources stocks, gold, oil and diamonds», said Maduro.
The most famous in the world of cryptocurrency – bitcoin. It is used to exchange for goods or services from sellers who agree to accept it. Bitcoin was created in 2008 by an anonymous mathematician or group of mathematicians.
November 29, bitcoin exchange rate set a record, breaking the mark of $11 thousand, and then plunged below $10 million and begin to rise again.
Analysts estimate the total debt of Venezuela to $100-150 billion, announced in November, the newspaper The Wall Street Journal.
Experts believe that Venezuela will not be able to fully service the debt on the background of too high social costs. Creditors can agree to a restructuring only on condition that Venezuela will conduct a radical economic reform and restructuring will be supported by the international monetary Fund, with which Caracas broke off relations in 2007. Experts believe that the current government on these reforms will not go.
In August, the Agency Reuters with reference to sources in political and economic circles of Venezuela wrote that in order to prevent economic crisis in Venezuela and the threat of street protests, led by President Nicolas Maduro, the government takes out loans from Russia.
After the mass demonstrations that began in April of this year, and the convening by the President of Venezuela Nicolas Maduro constitutional Assembly to change the Constitution on August 25, the President of the United States Donald trump has signed a decree on the introduction of new financial sanctions «against the dictatorship in Venezuela,» November 9, the United States expanded the restrictive measures. Maduro said that the sanctions are intended to push the country to default.
Maduro announced the creation in Venezuela of their own cryptocurrency 04.12.2017