Two days after the beginning of "petro" presale, which already raised 735 million dollars, Venezuelan President Nicholas Maduro announced another crypto currency, provided with a resource of raw materials. This is reported by the Reuters
The new digital token will be called "petro gold" - instead of oil it will be provided with precious metals.
Next week I‘m going to launch the petro gold, backed by gold, which is even more powerful, that will strengthen the petro.
It is not yet clear which gold will support the "petro gold" - it can be either gold already mined or gold still lying in the bowels of the country. No details about the new currency, except that it will be launched next week, has not yet followed. However, this announcement is unlikely to help "petro" and the Venezuelan government, which is criticized literally from all sides.
In the "petro" many see a poorly thought-out solution aimed at stimulating the weakening economy of Venezuela, where the currency has been in free fall for several years, and inflation has reached 600%. Some financial experts even refer to Venezuela's "oil" crypto currency as a "trick" and "counterfeit currency."