Petro Becomes Venezuela’s National Currency

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President of Venezuela Nicolas Maduro has announced that Petro became the national currency of his country. He claimed that petro is already available on “the world’s six topmost international exchange houses.”

A brand new whitepaper was released at the same time. It shows that petro is no longer 100% oil-backed, but is also backed by other resources.

“Venezuela makes history! Today we take a step forward with the launch of petro as a national currency and platform for strengthening our financial sovereignty.” – Maduro announced during a tv speech.

According to the new whitepaper the petro is using Dash X11 mining algorithm for Proof of Work (PoW) and the staked masternode system for Proof of Stake (PoS) verification. The system runs with four-megabyte blocks and one-minute block intervals.

Bolivar

The sovereign bolivar is Venezuela’s new national currency. It was launched recently by removing 5 zeros from the old bolivar.

The AVN state agency reported:

“Each unit of the cryptocurrency will be equivalent to 3,600 sovereign bolivars and will be the reference for fixing the value of work, the price of services, and of consumer goods — one of the accounting units that will govern the Bolivarian nation.”

Maduro announced that “the Venezuelan people will be able to purchase the petro cryptocurrency with sovereign bolivars,” starting November 5th.

 

Images courtesy of Shutterstock.com

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