Venezuela releases new petro currency

Oil-backed cryptocurrency launched as nation tries to climb out of economic, political crisis.

By Susana Patricia Noguera

BOGOTA, Colombia (AA) - Venezuela released the petro cryptocurrency Tuesday and an online manual with steps to buy the new virtual asset.

The cryptocurrency will be stored in a virtual wallet users can acquire after registering online.

President Nicolas Maduro announced 100 million petros will be released with an estimated worth of $6 billion. The pre-sale began Jan. 21. “It can only be acquired through the Unique Registry of Digital Mining” according to the website.

The price of the petro currency, the government said, will be defined according to the price of a barrel of crude oil. With the idea of maintaining the value of the virtual currency, Maduro allocated 5 billion barrels of oil to its support.

The launch comes as Venezuela continues to grapple with a widening economic crisis that has led to political instability, massive protests and food shortages.

*Maria Paula Trivino contributed with this note from Bogota.

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