Cryptocurrency Backed By Oil To Be Created By Venezuela

Cryptocurrency Backed By Oil To Be Created By Venezuela

Cryptocurrency Backed By Oil To Be Created By Venezuela

He said that Venezuela will develop a cryptocurrency that is backed by gas, diamond reserves, gold, and oil.

Economists and opposition leaders say Maduro has refused to overhaul Venezuela's controls that worsened the economic crisis, and point out he may now be seeking to pay foreign creditors in the cryptocurrency and plan to restructure the country's major debt burden - a plan that they believe will likely flop. It will enable Venezuela to advance in monetary sovereignty and carry out its financial transactions to overcome the financial blockade.

Opposition leaders blasted the announcement, saying it needed congressional approval, while others doubted it will ever see the light of day in an economy with a dim outlook on its horizon, Reuters reported.

The announcement shows how sanctions enacted by U.S. President Donald Trump's administration this year hurt the country's ability to move money through the global banking system. The real currency, the bolivar, is in freefall, and the country is sorely lacking in basic needs like food and medicine.

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Washington has levied sanctions against Venezuelan officials, PDVSA executives and the country's debt issuance.

The announcement came as a surprise to some of the followers of cryptocurrencies, as conventional cryptocurrencies are not backed by governments or central banks. That has dragged down the monthly minimum wage to a mere $4.30 (3.2 pounds).

Avowed Marxist and member of the constituent assembly Jesus Faria has called for changes to monetary policy that would lead to free worldwide exchange. Reuters quoted lawmaker Angel Alvarado, who said that the idea has "no credibility". The decision was taken after Caracas November 12, missed the deadline for the payment of $ 200 million for two long-term loans, and Vice-President of Venezuela, Tarek El-Issam at the meeting with worldwide lenders have not offered any way out of financial difficulties.

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