Venezuela Collaborating with Russia on CryptoCurrency

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In this article, we will try to form an idea of the certain news and its possible consequences, which look very interesting from the point of view of the finances of a country that is being surrounded, throughout the traditional international financial system.

There was a rumor that Venezuela and Russia were going to work on their own government approved and authorized cryptocurrencies in the past, but a recent news shows that both countries will be cashing on the cryptoworld very soon. According to tweets published through the official account of Simon Zerpa Delgado Finance Minister of Venezuelan both the countries are going to collaborate on new digital currency. He was in Moscow on 21st of February to have to discuss on that with Russian president Vladimir Putin.

About Petro Cryptocurrency:

Russia and Venezuela both have economies that are greatly dependent on the price of oil. Both countries are dealing with economic agreement imposed by the United States. In the past few days, both countries going to start moving forward with an official state cryptocurrency. In this same regard, this week officials from the Venezuelan and Russian governments discussed and reported on the Petro cryptocurrency, newly launched by the Venezuelan government, during a meeting this week.

As recalled, in the first days of December of last year, the President, Nicolás Maduro, informed that Venezuela would issue a cryptocurrency under the blockchain technology, called Petro, which would be backed with 5,000 million barrels of oil, the lowest price would be the price of a barrel of oil in the Venezuelan basket, which is around $ 60. Then on February 22 of this month, the sale of 82 million tokens began to Asian markets, according to information from the President, Maduro, in the first 20 hours there was an intention to purchase $ 735 million.

Conclusion:

For casual cryptocurrency watchers, this might sound like a positive development in the field. After all, it has the back of the full faith and credit of a government. The idea of a government-backed cryptocurrency indicates that we’re moving forward and toward the options that have more stability. This is going to increase the trust of people in cryptomarket. This new government approved cryptocurrency defiantly gonna gain public trust in future. This is also going to increase the value of other digital currency in the digital world.

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