Venezuela Doubles Down on Petro Cryptocurrency, Dash Continues Expansion

[Mark Mason]

Venezuela Doubles Down on Petro Cryptocurrency, Dash Continues Expansion

President Nicolas Maduro announced via television that the Venezuelan government will begin to use the their Petro cryptocurrency, which was first introduced this past December, as an official accounting unit.

The development includes their state oil and gas company, Petróleos de Venezuela (PDVSA), using the Petro as a mandatory accounting unit, as well as tying the country’s salary and pension system to the Petro. The Venezuelan government also plans to stabilize their failing Bolivar by creating a “sovereign Bolivar”, which will have prices published by the central bank relative to the Petro. The Petro will then be priced in terms of international currencies.

Read more - https://www.dashforcenews.com/venez...etro-cryptocurrency-dash-continues-expansion/​

 

[dianadsouza]

The oil-backed cryptocurrency Petro introduced by Venezuela is still yet to function. However, latest reports indicate that the cryptocurrency is struggling.
Check here news: https://coinpedia.org/news/venezuelas-petro-cryptocurrency-farce/