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Venezuela: Maduro urges ALBA to join oil-backed cryptocurrency

President of Venezuela Nicolas Maduro called on the member countries of ALBA (Bolivarian Alliance for the People of our America) to join in the creation of an oil-backed Petro crypto-currency alongside Venezuela, during his speech in Caracas, Friday.

Maduro urged the rest of the member countries to follow Venezuela’s example and assume “jointly the creation of an oil-backed Petro crypto-currency, which will be supported with Venezuelan oil and that very soon we will sustain with the wealth of Venezuela’s gold and diamonds.”

Caracas hosts the seventh Extraordinary Meeting of the Political Council of the Bolivarian Alliance for the Peoples of Our America-Peoples Trade Treaty (ALBA-TCP) and is attended by high-ranking officials from member countries like: as Antigua and Barbuda, Bolivia, Dominica, Ecuador, Nicaragua, Saint Lucia, Saint Vicente and the Grenadines, Saint Kitts and Nevis, Grenada and Cuba.

On December 3, Venezuela announced that it will launch an oil-backed crypto-currency supported by the countries supplies in oil and minerals.

SOT, Nicolas Maduro, President of Venezuela (Spanish): “I have a proposal for the economic teams of the ALBA: to assume jointly the creation of an oil-backed Petro crypto-currency, which will be supported with Venezuelan oil and that very soon we will sustain with the wealth of Venezuela’s gold and diamonds.”

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