Venezuela to launch oil-backed cryptocurrency

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Venezuela announced that is will enter the cryptocurrency market with its launch of the
"petro," backed by oil reserves.

The petro will be backed by oil, gas, gold and diamond reserves, President Nicolas Maduro said on Sunday, Reuters reported.

Maduro said the government will issue 100 million tokens, each valued at the price of one barrel of Venezuelan crude.
That would value the petro issuance at just over $6 billion, according to CNBC.

The government said the cryptocurrency will help the cash-strapped nation make financial transactions and overcome U.S. sanctions against the country.

Venezuela's actual currency the bolivar is in a freefall, with the nation in need of basic necessities like food and medicine.

RUNDOWN SHOWS:
1. Oil pumps and petro coin
2. Petro coin will be backed by oil, gas, gold and diamond reserves
3. 100 million petro coins will be issued
4. The petro may help the country complete financial transactions

VOICEOVER (in English):
"Venezuela announced that is will enter the cryptocurrency market with its launch of the 'petro' digital coin."

"According to President Nicolas Maduro, the petro will be backed by oil, gas, gold and diamond reserves."

"Maduro said the government will issue 100 million tokens, each valued at the price of one barrel of Venezuelan crude. That would value the petro issuance at just over $6 billion."

"The government said the cryptocurrency will help the cash-strapped nation make financial transactions and overcome U.S. sanctions against the country."

SOURCES: Reuters, CNBC
https://www.reuters.com/article/us-venezuela-economy/enter-the-petro-venezuela-to-launch-oil-backed-cryptocurrency-idUSKBN1DX0SQ
https://www.cnbc.com/2018/01/31/venezuela-says-will-pre-sell-petro-cryptocurrency-on-feb-20.html