Venezuela Announces Gold Backed Cryptocoin After Petro's Success

The country ICO craze continues. The Government of Venezuela announced yesterday that it would issue yet another crypto-coin, on declarations made to the national press in a meeting with his party supporters.
President of Venezuela, Nicolas Maduro, said that he might issue a second crypto-coin backed specifically by gold wealth. He stated: “I don’t want to say nothing in advance, but we have surprises about the Petro and gold. It will have the same dimension as the Petro with the oil. But that’s a subject for the next week”.
The announcement confirms what some experts are saying about the Petro, launched this week. They consider that this crypto-coin is more of a digital debt bond, directed to circumvent USA and EU sanctions to give oxygen to a dollar deprived economy. This emission of the coin would be backed up by gold wealth, but he did not explain further.
This would not be the first gold-backed crypto-coin issued but would be the first one that is state-sponsored.

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