The decree establishing the rules for working with the national cryptocurrency El Petro was signed by the Venezuelan government. The document provides methods of issuing, mining, and the new digital currency trading. El Petro will be supported by the country’s minerals. To provide the new currency security Venezuelan President Nicholas Maduro allocated 5.3 billion barrels of crude oil, gold of the Arco Minero from the Orinoco Belt and the country’s diamond deposits. The launch of the cryptocurrency is scheduled for early 2018.
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