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Soon, Venezuela to launch oil-backed Bitcoin-like cryptocurrency

Backed by 5.3 billion barrels of oil worth $267 billion, in a bid to offset a deep financial crisis

Deisy Buitrago & Girish Gupta | Reuters 

Venezuela's cryptocurrency will launch within days and be backed by 5.3 billion barrels of oil worth $267 billion, in a bid to offset a deep financial crisis, the socialist government said on Thursday. President Nicolas Maduro surprised many earlier this month when he announced the "petro" cryptocurrency, to be backed by OPEC member Venezuela's oil, gas, gold and diamond reserves. Despite the scepticism of cryptocurrency experts who do not think Venezuela has the wherewithal to pull it off, communications minister Jorge Rodriguez said the first petro offering ...

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First Published: Fri, December 29 2017. 10:31 IST
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