Venezuela plans to launch a second cryptocurrency, petro gold |

Venezuela plans to launch a second cryptocurrency, petro gold

Peter Terlato 22 February 2018 NEWS

The government has not specified whether the token will be backed by gold reserves or unmined minerals.

Following this week’s pre-sale launch of the first ever state-issued cryptocurrency token, Venezuela’s government, led by President Nicolás Maduro, has announced it will introduce a second token, petro gold.

Maduro declared that his government would institute the new petro gold digital token, backed by the South American nation’s mineral reserves, in late February or early March.

“Next week I‘m going to launch the petro gold, backed by gold, which is even more powerful, that will strengthen the petro,” Maduro said in a televised speech, according to Reuters.

Maduro did not specify whether the new token would be propped up by gold reserves held by the Central Bank of Venezuela or yet-to-be-mined domestic mineral deposits.

This isn’t the first time a gold-backed cryptocurrency has been developed. In the UK, The Royal Mint and CME Group partnered to form RMG, a gold-backed security token supported and traded via blockchain technology.

Venezuela’s Bolivarian government launched the petro, purportedly backed by the country’s oil reserves, earlier this week. The token pre-sale is expected to run for one month, through 10:59 p.m. March 19, 2018.

In a recent tweet, Maduro claimed that the pre-sale of the Petro token raised US$735 million on its first day.

Any natural or legal person, any citizen or company and any national or foreign person can acquire the state-issued Petro token. This may also be the case with the upcoming petro gold, although no details are confirmed.

Venezuela’s state-issued cryptocurrency has been met with stiff opposition from the U.S. Senate and other cryptocurrency and blockchain industry authorities and experts.

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