Petro Gold Crypto - Venezuela's next venture
- Venezuela encouraged by first coin success, to launch Petro Gold
- "Petro Gold, backed by gold, which is even more powerful, that will strengthen the Petro,"
Venezuela are planning to launch a new crypto, Petro Gold, following well received investments on the back of first Petro coin release, which in first day raised $735 million. During a televised speech, the President noted that the government was overwhelmed with how well its Petro cryptocurrency went. Given the initial success in the first coin, he said it has motivated the government to launch another, known as Petro Gold, as early as next week. Please see full fxstreet reported story https://www.fxstreet.com/news/venezuela-inspired-by-petro-coin-success-new-gold-backed-cryptocurrency-on-the-way-201802220558.
The President noted that "Petro Gold, backed by gold, which is even more powerful, that will strengthen the Petro," Maduro said in a televised speech. All this action from the Maduro, is being said to be hope that he can push for easing of the US, European and Canadian sanctions and aiming to getting ahold of the country’s hyperinflation problem.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
