G7finance.com - Crypto Currency Updates logo G7finance.com - Crypto Currency Updates logo
Cryptopolitan 2019-11-21 17:18:40

Venezuela changes Petro’s backing from 5B barrels of oil to 30M

Venezuela now intends to back its Petro currency with 30 million barrels of oil instead of the 5 billion it had initially planned. Venezuelan oil-backed digital currency The country’s president had initially announced that the nation’s oil inventories are ready to serve as a physical backing for Petro currency. The president has not elucidated about how the asset would be backed. However, Reuters reported that the country had initially planned to back the asset with five billion barrels of oil. However, the nation’s plans had to take a hit when the United States placed sanctions on its state-owned company PDVSA.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer