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Venezuela’s president says a pre-sale of its new “petro” cryptocurrency, with each token backed by one barrel of crude oil, will begin on February 20

“That would put the value of the entire petro issuance at just over $6 billion” writes unknown author for The government has said that the petro issue will help the cash-strapped country make financial transactions and overcome U.S. sanctions against Maduro’s socialist government.A pre-sale of Venezuela’s new “petro” cryptocurrency will begin on Feb. 20, President Nicolas Maduro said on Tuesday, a move that the government hopes will help pull the country out of a dire economic crisis.Maduro has previously said Venezuela will issue 100 million tokens, each valued at — and backed by — the equivalent of one barrel of Venezuelan crude.”All the cryptocurrencies of the world have been revalued after Venezuela’s announcements about the creation of the petro,” said Maduro in a speech broadcast on state television.

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