Venezuelan diplomat defends viability of Petro cryptocurrency


Venezuelan charge d’affaires in Barbados, Alvaro Sanchez Cordero

By Youri Kemp
Caribbean News Now associate editor
youri@caribbeannewsnow.com

CARACAS, Venezuela — Venezuelan charge d’affaires in Barbados, Alvaro Sanchez Cordero, has responded directly to a Caribbean News Now report on the viability and efficacy of the Venezuelan, oil backed, cryptocurrency, the “Petro”, launched in February.

“Don’t hold your breath. The bottom line is that the Petro is backed by Venezuela’s proven oil reserves, which are the largest worldwide, adding to 300 billion barrels of oil (even larger than Saudi Arabia),” Cordero said.

Despite his claim of Venezuela having the largest reserves, there is still no evidence of the Petro benefiting from this. Also, while Venezuela boasts…

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