Petro cryptocurrency springs, attains the same status as Venezuelan Bolívar

Venezuela has now got its government-approved cryptocurrency – Petro. Petro, an oil-backed cryptocurrency, will become an official currency for PDVSA, the country’s state-owned oil and natural gas company.

President of Venezuela makes the announcement about Petro

Petro was originally launched this year in the month of February after the government of Venezuela built the same. The current announcement came through a televised address by the President of Venezuela Nicolás Maduro. “As of next Monday, Venezuela will have a second accounting unit based on the price, the value of the Petro. It will be a second accounting unit of the Republic and will begin operations as a mandatory accounting unit of our PDVSA oil industry," President Maduro announced, reported ABC International. "Venezuela is going to have a real official marker (...) so that the speculation with the Venezuelan currency is over," the President added. SEE ALSO: Block Sports drops Ethereum embracing Neo blockchain, as its ‘icing on the cake’

Great leap for Petro cryptocurrency to be on the same plain with Venezuelan Bolívar

Bolívar has been the official currency of the country. With Petro coming on the same plane, it has attained equal status as they have become the two distinct state-owned currencies. The news is undoubtedly a massive boost to the world of cryptocurrencies, not only because Petro attained equal status, but also for the fact that it is the first time in the world that a national currency is pegged to a cryptocurrency. SEE ALSO: This partnership introduces 1.2mn customers to no-fee Bitcoin trading platform The Venezuelan Central Bank (BCV) will reportedly peg Bolívar to Petro prices as part of the monetary conversion. During the launch, five zeros will be removed from the sovereign Bolívar. However, the huge step has had been reportedly talked about immensely and some prominent oil importers are still not ready to purchase oil from Venezuela with the cyptocurrency.   Image via Shutterstock Join our Telegram group