Venezuela Wants Another Cryptocurrency Linked to Gold

The Venezuela of Nicolas Maduro wants to introduce a second cryptocurrency that will be linked however to gold and not to oil. All the details of the project.

Venezuela is ready to accept a new cryptocurrency that, unlike the already famous Petro, will no longer be linked to oil.

The president’s enthusiasm towards the first digital coin was immediately tangible and took the form of videos and tweets of pride.

Nicolas Maduro, often accused of authoritarianism, has announced the introduction of a new cryptocurrency in his Venezuela: with the name of Petro Gold it will go alongside the already existing Petro and placed on the market in the presale phase – exactly as happened between the Bitcoin and Bitcoin Gold.

The name of the new cryptocurrency, however, will have a real reason for being: Petro Gold will in fact be linked to the value of gold, and not to that of oil.

The project by Nicolas Maduro

According to the president, next week Petro Gold will enter the market and will be supported by the shelter par excellence, the one that investors use in moments of extreme uncertainty: gold.

In reality, Venezuela has not specified the type of gold to which the cryptocurrency will be linked, so it is still too early to say whether the value will fluctuate on the basis of the gold reserves of the central bank or again on the basis of the availability of some mining deposit.

“Next week I will launch Petro Gold, backed by the gold that is even more powerful. This will strengthen the Petro. ” these are the few words of Maduro uttered in a speech a few hours ago.

This was followed by the silence of the Ministry of Information of Venezuela, which was not immediately available to comment on the affair.

However, Petro Gold would not be the first cryptocurrency supported by gold, given the existence of RMG, a digital coin created by the British Royal Mint. The experts at Blockchain, Reuters pointed out, have somehow curbed Maduro’s enthusiasm by pointing out that digital tokens acquire value only by trusting those who emit them.

One wonders whether Venezuela and international investors will be willing to support the new cryptocurrency issued by Maduro and a widely criticized central bank.

“Instead of buying a cryptocurrency tied to gold, I would buy it directly. Gold is that physical asset you want to have in your hand, because this is the point “,

said Sean Walsh, founder of the crypto-investment company Redwood City Ventures.

The US Treasury Department, for its part, has already warned that the issuance of the new Petro Gold cryptocurrency will violate the sanctions imposed on Venezuela and create legal risks for US investors.

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