Venezuela has positioned it as a new way of international financing in the country. (Venezuela's international financing is becoming more and more difficult due to the economic sanctions of the United States! )
On Wednesday (20 17 12/27) local time in Venezuela, this situation further developed! Maduro said on the same day that Venezuela will soon issue the official encrypted digital currency Petro! It is reported that this is an encrypted digital currency based on Venezuelan oil resources, and the value of each "petroleum coin" is equivalent to $60 a barrel of crude oil.
In addition, Maduro said on the same day that Venezuela will use all the oil reserves (more than 5 billion barrels) of No.1 1 oilfield in Ayacucho block of Orinoco heavy oil belt as the material basis for issuing "petroleum coins" to support petroleum coins.
In early September, Maduro announced that the official exchange rate mechanism would use a basket of currencies such as RMB instead of the US dollar, and Venezuela would implement a new international payment mechanism. Maduro declared at the time that "Venezuela will implement a new international payment mechanism and create a basket of currencies so that we can get rid of the US dollar. If they let us pay in US dollars, then we will use Russian rubles, RMB, Japanese yen, Indian Rupee and euros. " Venezuela's move is a response to the financial sanctions imposed by the United States.
In mid-September, Venezuela ordered oil traders to stop accepting and initiating payment in US dollars, and to use RMB instead of US dollars to price oil.
Now the issue of "Petrocoin" further highlights the intention of "dollarization"!
Maduro's intention to issue petroleum coins is not difficult to understand. He hopes to get a slice of the current digital currency feast and open a way to avoid international sanctions.
However, due to the prohibition of petroleum currency trading in the United States, petroleum currency has not been officially listed on the international mainstream virtual currency exchange.
In order to further respond to the US ban, the Venezuelan government has been planning ahead. 20 18, 10, eight Middle Eastern countries, including Iran, joined forces to set up the Petroleum Communication Foundation, headquartered in Russia. * * * petroleum certificate (PETT) issued together, the English full name is Petroleum token, referred to as PETT. Petrolink not only corresponds to the oil of oil-producing countries, but also corresponds to the digital asset petroleum currency issued by oil-producing countries.
The so-called token is a valuable asset that organically combines entity, virtual currency, equity, etc., which goes beyond simple digital assets, while petroleum token has the function of stabilizing digital assets. (The petroleum certificate will mark 2-5 barrels of crude oil)
Petrolink will take the professional ICO route and adopt market-oriented operation, which is a communication project that digital currency enthusiasts are looking forward to very much.