Venezuela’s government announced the start of issuance of the national oil-backed cryptocurrency El Petro.
President Nicolas Maduro said he ordered the emission of 100 million petros, with 1 petro pegged to Venezuela's oil basket, which is about $60 per barrel.
According to the government website, the certified Ayacucho oil field No.1 in the Orinoco Petroleum Belt will form the initial backing of 100 million petros.
Maduro also noted that virtual exchanges will conduct an exchange and trading in the national virtual currency.
Venezuela's first ever national meeting of petro 'miners' will take place on January 14, the date when the cryptocurrency is formally presented. The government said there are 50,918 miners in the country at the moment.
