China, Russia and Sweden was one of several nations who actively partaking on maximizing cryptocurrency.
But here’s the new comer which will set launch an oil-backed cryptocurrency, Venezuela.
The country is currently in a dire financial crisis, and the government hopes its soon-to-launch, oil-backed “petro” cryptocurrency could offset it.
Based on the press release of the Venezuelan government, the country’s cryptocurrency will launch within the next few days and will be backed by 5.3 billion barrels of oil worth $267 billion.
The sudden move, is a sign that it considering those dire circumstances often call for dramatic action. Venezuela is currently in the midst of an overwhelming financial crisis, which the government hopes that this move will offset.
However, the adoption of cryptocurrency is by no means a surefire method and the launch of the “petro” cryptocurrency was only just announced earlier in December.
With the plan, the country is trying to “maximize” resources, beyond oil, the crypto will additionally be backed by Venezuela’s oil, gas, gold, and diamond reserves.
According to Venezuela’s Communications Minister Jorge Rodriguez, the move has been referred to as a “hail mary” stunt by some, and he is confident that the currency will successfully launch within a couple of days.
“Camp one of the Ayacucho block will form the initial backing of this cryptocurrency. It contains 5.342 billion certified barrels of oil. We’re talking about backing of $267 billion,” Rodriguez.