The value of the Petro will be equal to one barrel of oil, says Maduro

Photo: Aizar Raldes Agence France-Presse
The government of Nicolás Maduro had assured him that the Petro would “move towards new forms of international financing”, in the face of the financial penalties american.

Caracas — The Petro, the virtual currency that Venezuela wants to create to fight against the “blockade” financial of the United States, will have a value equivalent to that of a barrel of oil, announced by president Nicolás Maduro.


“For each Petro, a barrel of oil, that is its value,” said Wednesday the president of venezuela, without giving details on the launch date of this cryptomonnaie nor on the mechanism for conducting transactions with this currency. The barrel of crude venezuelan has finished off the last week 56,57 US$, according to the ministry of Oil. The average price in 2017 was of 46.45 US $post us $35.15 per USD in the previous year.


President Maduro had announced on December 3, the creation of the Petro, he assured, would be based on the oil wealth of Venezuela, whose reserves are among the important in the world. On Wednesday, the president pointed out that the virtual currency would be backed to the fields of the Orinoco river, a mining area of 55 000 km2 of the south-east of the country that contains an enormous reservoir of heavy crude and extralourd.


“I’m going to officially announce the designation of the number field a of block Ayacucho […] for it to be the basis of providing material support to this” pétromonnaie “, “said Mr Maduro, stating that the deposit contained reserves of 5 billion barrels of oil” certified internationally “.


By launching his initiative at the beginning of the month, the government had assured that the Petro would ” move towards new forms of international financing “, in the face of the financial penalties american. Washington prohibits its citizens and businesses to buy bonds of Venezuela and his group’s State oil PDVSA.


Commenting on the announcements Maduro on Twitter, an economist Luis Oliveros, was of the view that the Petro was ” not a cryptomonnaie but a title of indebtedness, asset-backed to an asset : oil.”


Venezuela, put in difficulty by the fall in the price of the black gold which it derives 96 % of its foreign currency, is forced to restructure a foreign debt estimated at about 150 billion dollars by some experts. The country and its oil company PDVSA are already considered as being partially in default of payment by several credit rating agencies. The population suffers from serious shortages of food and medicines, lack of money to import them.