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Venezuela to Launch Second Cryptocurrency, “Petro Gold” Backed by the Country’s Precious Metal Reserves

Cryptocurrency

The Venezuelan government is very determined on developing new cryptocurrencies. It follows the success of Petro coin pre-sale ICO, The Venezuela Government is hatching a plan to launch a new cryptocurrency “petro Gold “ that will be backed by the country’s precious metal reserves.

 

The Petro Gold Token May Become a Thing

It is safe to say that Venezuela can only be saved by digital currencies at this point. It has not been determined if other existing coin currencies such as Bitcoin and Ethereum will play an important role. It is clear that the government is committed to creating its digital currencies .it is considering that Petro was launched just last week and has accrued large sums of money already.

With these great developments in place, the Venezuelan government is focused on exploring any other opportunities. They are determined to develop a Petro gold cryptocurrency, which will be supported by the country’s natural resources instead of the oil barrels.

Though “Petro” coin currency has been successful so far, many concerns are surrounding this new project. Many people still believe that this concept will only be a mere dream. It is certain that the use of these currencies to evade   US sanctions imposed on the Venezuelan government is very risky investment and may eventually turn sour for anyone who invests in these tokens.

The government believes that the Petro Gold will be successful just like the Petro cryptocurrency. It raises a lot of queries as to how a government can create value from nothing and develop new tokens. After all, all these tokens are supported by the natural resources through a promise from the Venezuelan government.

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