After Petro, Venezuela announces new ‘Petro Gold’ cryptocurrency

CARACAS – Venezuela’s PresidentNicolás Maduro has recently announced that within one week, the South American county is going to launch a new cryptocurrency, the Petro Gold.

The cryptocurrency, according to local news source Telesur, will be backed by precious metals.

In a televised speech, Maduro revealed a Petro Gold is on the way: “Next week I‘m going to launch the petro gold, backed by gold, which is even more powerful, that will strengthen the petro.”

The Wednesday’s announcement comes a day after Caracas launched its oil-backed cryptocurrency – El Petro – which the Socialist leader introduced to bypass sanctions and fight an “economic war” with the United States.

El Petro: Venezuela launches oil-backed cryptocurrency

The Petro’s pre-sale is currently ongoing, and according to Maduro it’s already netted $735 million, although he didn’t back this claim with any evidence.

According to Telesur, investors from Brasil, Denmark, Honduras, Poland, Norway, and the Middle East have expressed interest in the Petro, either in accepting it as a form of payment, or investing in it.

The South America is currently facing one of the deepest recessions ever seen. Citizens are forced to use cryptocurrencies to survive, as the Venezuelan bolívar has plunged in value.