5.342 billion barrels of oil will back the Petro cryptocurrency

5.342 billion barrels of oil will back the Petro cryptocurrency

5.342 billion barrels of oil will back the Petro cryptocurrency

An initial offering of petro will be made within days, Jorge Rodríguez said in a televised press conference.

The Petro, unlike the leading cryptocurrency Bitcoin, will be backed by Venezuelan natural resources such as diamonds and gold, but particularly, oil.

Rodriguez stressed that with the creation of a cryptocurrency, the Venezuelan government is sure that it has an instrument to prevent attacks from the global financial system. This reserve is worth $267 billion or 5.342 billion barrels of oil.

Simon Quijano-Evans, a strategist at Legal & General Investment Management Ltd.in London, is skeptical of the scheme, saying that investors who have lost confidence in Venezuela are unlikely to be drawn to assets repackaged as a cryptocurrency.

Earlier in December, a team of banking and technology managers and former USA regulatory commissioners said that they would launch the world's first regulatory compliant cryptocurrency backed by a physical asset-OilCoin, which will be based on oil reserves.

"That collateral or "state-backing" is meant to be supporting the existing currency and bonds", Quijano-Evans said. The removal last month of Robert Mugabe as Zimbabwe's president triggered a surge in the price of bitcoin on the local exchange to double the global rate.

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