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Venezuela to use cryptocurrency to neutralize black markets

Christian Fernsby ▼ | October 3, 2019
Venezuela's oil-backed cryptocurrency Petro entered the global markets in an effort to stabilize the country's fragile economy affected by ongoing political crisis and U.S. sanctions.
Nicolas Maduro
LatAm   Nicolas Maduro
According to the officials, the Petro coin introduced Monday, will "neutralize" the threat of black markets and money mafias, Caracas-based TV channel TeleSur reported.

Topics: Venezuela cryptocurrency markets

Experts said the objective is to "stop the imbalance as a result of an economic war-induced from abroad.”

"The #Petro, unlike other digital currencies, doesn't need to be mined because it already has a value; it is shielded with Venezuelan oil and mining wealth," said President Nicolas Maduro.

It is already present in the world’s six topmost international exchange houses and will now be accepted at a national level, he said.

Emphasizing that all Venezuelans will have access to the Petro coin to make international purchases, Maduro said it is now a legal substitute to dollars in real estate deals.

"The National Plan of Criptoactives of Venezuela will last 10 years," he said. "This is going to be the epicenter of the development of a new economy in the country."