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Venezuela to issue $5.9 bn in oil-backed cryptocurrency: President Maduro

Maduro specified that each unit of the currency would be pegged to Venezuela's oil basket, which this week averaged $59.07 per barrel, according to the oil ministry

Reuters  |  CARACAS 

President Nicolas Maduro said on Friday that Venezuela would issue 100 million units of its new oil-backed cryptocurrency in coming days, although it is unclear whether any investors will want to purchase the "petro" at a time when the OPEC member is going through a deep economic crisis and its leftist government has little credibility. Socialist Maduro surprised many last month when he announced the launch of the cryptocurrency, to be backed by Venezuela's oil, gas, gold and diamond reserves, as a way to circumvent U.S. sanctions that have hurt Venezuela's access to ...

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First Published: Sat, January 06 2018. 13:41 IST
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