Venezuela To Launch Yet Another Cryptocurrency Petro Gold

By Achal Arya
February 22, 2018 Updated March 14, 2018
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petro gold

Venezuelan president Nicolas Maduro announces his plan to launch a new cryptocurrency “Petro gold” next week that will be backed by gold. The announcement came just after the first day of Petro (backed by crude reserves) sale that has been claimed to raise $750 million.

Maduro planning to launch “Petro Gold” next week

After Petro, Venezuela is preparing the launch another token which is a gold backed cryptocurrency called “Petro Gold’. On Wednesday, just a day after the opening sale of El Petro cryptocurrency that is backed by crude oil, the president of Venezuela, Nicolas Maduro made the announcement of his plans to launch this new cryptocurrency that will be backed by gold.

In his speech, Maduro said:

“Next week I’m going to launch the Petro Gold, gold backed cryptocurrency, which is even more powerful, that will strengthen the Petro.”

The introduction of yet another cryptocurrency by Maduro is in hope that the digital currency craze would help the country combat the hyperinflation and circumvent the US sanctions.

The gold backed cryptocurrency aren’t anything new. There have already been in existence like RMG in Britain that is created by The Royal Mint.

However, this excitement of cryptocurrency is not shared by the opposition leaders of the country that claims it to be an illegal debt issuance. Furthermore, the blockchain experts believe these cryptocurrencies of Venezuela won’t be able to attract much investment given the country’s dire economic situation.

Venezuela petro coin: El Petro presale raised $750m on its first day

On Tuesday, Maduro claimed that the crude oil backed cryptocurrency “El Petro” has already raised $735 million in its first day of sale. Though, on his announcement, the president didn’t offer any evidence to back up his claim.

Maduro tweeted his announcement with:

“To big troubles, big solutions! From the first minute the game started well, and we started winning: 4.777 billion yuan or 735 million dollars is the initial result of Petro’s purchase intention operations.”

petro ico

However, Madura hasn’t shared any information regarding who has invested in the Petro presale. This sale is planned to last until next month, here you can check the Petro coin price.

What are your views on Maduro’s plan to launch yet another cryptocurrency “Petro Gold” backed by the gold reserves? Do you think with Petro claiming to raise $750 million on its first day, it will be a success? Let us know your thoughts in the comment section below!

Achal is an entrepreneur and a product designer with a bachelors degree in Computer Science. He works in the Web3 domain and manages new developments at Coingape. Follow him on Twitter at @arya_achal or reach him at achal[at]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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