Petro Cryptocurrency turns Venezuela market

President of Venezuela, Nicolas Maduro insisted the government that cryptocurrency which has been launched six months ago, but kept idle will start its operation. Petro will be backed by oil and mineral resources of Venezuela.

“The petro will start functioning as a currency of exchange of purchase and conversion.” Said Nicolas Madur and It will be started form October 1.

Petro can’t be exchanged with products or currencies of any country or even any other cryptocurrencies.

Venezuela’s 12 percent of transaction in cryptocurrencies made the country as the fourth largest in bitcoin.

Petro is a NEM peer-to-peer cryptocurrency blockchain based token. The value of one Petro is equivalent to one oil barrel whose value has been set as $60 by Venezuela Government.

Venezuela legalised the use of Petro virtually to make payments for oil trade, flights, taxes, fees, gasoline, real estate and more.

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