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    Venezuela's President Nicolas Maduro. | Photo: Reuters

Published 28 December 2017

Rodriguez said the Petro is backed by the resources that the country already has, including energy and mineral reserves.

Venezuela’s Vice President of Communication and Culture, Jorge Rodriguez, said that its new cryptocurrency will avoid financial attacks.

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At a meeting in Miraflores Thursday recapping presidential management in 2017, Rodriguez said the Petro is backed by the resources that the country already has, including energy and mineral reserves.

Addressing the difference between Petro and Bitcoin, he stressed that the former will have a backing in natural resources, while Bitcoin has it only in a physical good.

Rodriguez also announced that the president of Venezuela, Nicolas Maduro, signed Wednesday the certification of the Ayacucho Block of the Orinoco Paleo Belt, which has five billion barrels of oil certified internationally, to support the Petro cryptocurrency.

Rodriguez stressed that with the creation of a cryptocurrency, the Venezuelan government is sure that it has an instrument to prevent attacks from the global financial system.


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