Maduro wants the oil producers started their own cryptocurrency

© RIA Novosti / Sergey Goneeverything in Photobacterium of Venezuela, Nicolas Maduro. Archive photoMaduro wants the oil producers started their own cryptocurrency© RIA Novosti / Sergey Goneeverything the image Bank

The President of Venezuela, Nicolas Maduro believes that it is possible for all OPEC countries to start their own cryptocurrency.

«I will propose formally to all members of the OPEC and non-OPEC countries to develop a joint mechanism cryptocurrency backed by oil,» said Maduro after the meeting with Secretary General of OPEC in Caracas. His speech was aired on state TV.

Earlier, Maduro announced the creation of cryptocurrencies the Venezuelan «Petro». According to him, the use of new technologies will help to overcome the «financial blockade» of Venezuela. The Ministry of Finance clarified that the cryptocurrency required to perform financial transactions and to seek new ways of financing.

In early January, Maduro announced the beginning of issue 100 million «Petro». Every «Peter» will be the price of a barrel of Venezuelan oil. Only Venezuela has allocated five billion barrels of oil to ensure that the cost posed by the cryptocurrency.

At the end of January was published the White Paper — a document to investors stating the project’s architecture, its advantages and risks «Petro». According to the document, pre-bid (pre-sale) will start February 20, in the course of these buyers will be able to acquire 38.4% of the planned issue, or 38.4 million tokens.