According to news reports, Venezuelan President Nicolas Maduro recently announced the creation of a new cryptocurrency in the Christmas special program. The “Petro†currency is supported by commodity reserves, including oil, diamonds and gold. The president believes that it helps to overcome the domestic "financial blockade." At that time, the opposition leaders made it clear that they did not believe that the cryptocurrency would solve the domestic economic problems, and even questioned whether it would have tomorrow, because Venezuela has been surrounded by the crisis, millions of people are struggling to survive, and this commodity-based cryptocurrency It is impossible to bring them any relief immediately. However, local media VTV reported that the Venezuelan leader seems to be implementing the plan because he recently announced the establishment of a cryptocurrency transaction management agency. A cursory translation of Maduro’s speech at a public ceremony, “I announced the creation of a Venezuelan cryptocurrency and its global relations regulator, and I created a dedicated regulatory body to manage Petro in Venezuela and globally.†In the speech, Maduro revealed that former President Hugo Chavez explained to him the concept of money supported by oil reserves on several occasions, but the leaders who were "slowly minded" were opposed to the creation of this currency. The Venezuelan President further revealed that no one is now opposed to Petro and is becoming a reality because it will be Venezuela’s cryptocurrency. He further stated that he believes this is a step towards a better future, and that 2018 will be a year of cryptocurrency and the domestic economy taking off. Maduro appointed Carlos Vargas, a member of the ConsTItuent Assembly, as the head of the regulatory body. "We will open the door to modernization, and Venezuela will once again become a global window. Chavez's ideal, we will realize it, we will turn it into the first cryptocurrency supported by the Venezuelan oil reserve, and gain international recognition." Importantly, cryptocurrencies such as Bitcoin and Dash help the Venezian people avoid government restrictions on buying foreign gold. The government had cracked down on cryptocurrencies, and state-owned Internet service provider CANTV intercepted Bitcoin-related websites and mining pools. After Banesco Bank closed its account, SurBitcoin, the country's largest exchange, was forced to temporarily suspend operations. As for Petro, economists and opposition leaders say that Maduro may want to pay foreign creditors in cryptocurrency and plan to restructure the country's main debt burden, which will not benefit the people. Despite criticism, the Venezuelan president saw it as a means of combating US-supported conspiracy, protecting the government from destruction and maintaining the socialism of Latin American countries. Ear Plugs,Bluetooth Earplugs,High Fidelity Ear Plugs,Noise Reducing Ear Plugs GUANGZHOU LIWEI ELECTRONICS CO.,LTD , https://www.gdliwei.com