Venezuela to launch oil-backed cryptocurrency

The president of Venezuela announced on Sunday the launch of "Petro" - cryptocurrency, backed by oil, gas, gold and diamond reserves
04 December 2017   1524

Nicolas Maduro, the President of Venezuela since 2013, announced on Sunday during his weekly radio and TV broadcast "Los Domingos con Maduro" the launch of "Petro" backed by oil reserves to shore up a collapsed economy.

Venezuela will create a...cryptocurrency to advance monetary sovereignty, as it will help to overcome the financial blockade and thus move towards new forms of international financing for the economic and social development of the country.


Nicolas Maduro

The president of Venezuela

However, opposition leaders are skeptical about the announcement, saying that the digital currency hardly would ever see the light of day in the midst of turmoil.

It’s Maduro being a clown. This has no credibility.


Angel Alvarado

Opposition lawmaker and economist

Currently, the bolivar, the national currency of Venezuela, suffers a 57% depreciation against the dollar in the last month and the rapid inflation of the bolivar has led to a surge in consumer prices that has exacerbated the crisis.

It is worth mentioning that there was a huge demand for bitcoin in Venezuela last week, Its volume amounted to $130 billion.

Venezuela volume bitcoin 04.12.17Weekly LocalBitcoins Volume (Venezuelan Bolivar)

According to Maduro, cryptocurrency could help Venezuela to combat a Washington-backed conspiracy to sabotage his government and end socialism in Latin America.

Bakkt to Unveil Bitcoin Futures Test Date

Along with date announcement, COO Bakkt believes the platform will attract institutional investors and set new standards for the cryptocurrency market
14 June 2019   236

The Bakkt cryptocurrency platform has named the exact start date for testing Bitcoin futures. The first users will be allowed to test the tool on July 22.

According to Bakkt's Operations Director, Adam White, the platform will attract institutional investors and set new standards for the cryptocurrency market.

White pointed out that the wider distribution of cryptocurrencies, in particular, is hampered by unreliable pricing mechanisms and the likelihood of instantly falling rates.

Along with these problem-solving solutions that are new to digital asset markets, Bakkt also brings all the other features that institutions would expect in a versatile and broadly accessible market, including: block trades; a fee holiday through the end of the year to encourage trading; market maker incentive programs to encourage liquid markets; and integrations with ISVs and regulated brokerage platforms.

Adam White

COO, Bakkt

At Bakkt, two futures contracts will be presented - with daily and monthly settlements. Risk management and the securing mechanism for these contracts will meet the standards of the traditional derivatives market.