The Petro Oro, a new cryptocurrency, will be launched in the coming days, as the Venezuelan President Nicolás Maduro announced this weekend during his participation in the Expo Venezuela Potencia 2018. The objective is to consolidate the growth of the national economy and evade the financial sanctions imposed by the United States. The digital currency will be sold in bolivars through the Complementary Type Currency System (Dicom).
The Petro oro will physically exist and buyers will be able to obtain pieces of gold of up to one kilogram. Furthermore, it will be engraved with the Coat of Arms of the Republic of Venezuela and will be protected by a plastic with the Central Bank of Venezuela’s logo (BCV).
The president affirmed that it is a new option for saving and investment for Venezuelans. “This is part of the economic revolution, where people have their savings secure in gold and not in dollars.”