Venezuela’s President Maduro promised to revive Petro Coin

by in Cryptocurrency News

President of Venezuela

During his speech on the Constituent Assembly on January 14, Nicholas Maduro vowed to renew the country's flunked crypto coin for everything from federal payments to oil purchases.

He mentioned that state-owned Petroleos de Venezuela SA is going to begin negotiations of 5000 barrels in Petros daily, after that, it is going to balance trading all of the country's production in this exclusive currency. Bills and other fees are also planned to be paid in this crypto.

Maduro announced that this will open a path to a modern economy and will destroy old standards and administrations. He mentioned that the crisis made the state find the solutions to defeat obstacles in economics.

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Initially, the Petro was announced as a means to drive around comprehensive US sanctions that have isolated the country from worldwide markets. Quickly after its issue, the coin was sanctioned itself.

President stated that the government is going to look strictly at those who don't want to use the Petro referring to their Dollar-based business. He said: "The Petro is going to cut the hands of the mafia."