Source: sott.net
Venezuela"s leader Nicolas Maduro has invited members of the regional ALBA-TCP bloc to join him in launching a new cryptocurrency. Named petro, the cryptocurrency will be backed by the country"s oil, gas, gold and diamond riches.

"I have a proposal for the economic teams of the ALBA: to assume jointly the creation of an oil-backed petro cryptocurrency, which will be supported with Venezuelan oil and that very soon we will sustain with the wealth of Venezuela"s gold and diamonds," Maduro told the delegates of the Bolivarian Alliance for the Peoples of Our America-Peoples Trade Treaty (ALBA-TCP) on Friday.

Meeting the high-ranking officials from Antigua -amp; Barbuda, Cuba, Dominica, Grenada, Saint Lucia, Saint Vicente and the Grenadines, Saint Kitts and Nevis, Bolivia, Ecuador and Nicaragua, the President of Venezuela invited them to join him in overcoming what he had previously called a "financial blockade" imposed by the United States

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