Venezuelan president trails gold-backed cryptocurrency, the Petro Oro.

After its $700m+ Petro (PTR) pre-sale, Venezuela’s sanction-hit government plans a second dip into the crypto market. 

Earlier in the week we reported on Venezuela’s plan to circumvent US and EU sanctions with the release of natural resources-backed cryptocurrency called the Petro. After a pre-sale period for that, at least according to the country’s president (though unverified), attracted $735m of investment it now seems that the country intends to go back to the well with the Petro Oro, a second cryptocurrency backed by the country’s precious metal resources.

Russian news service RT translates a Globovision TV news report as saying Nicholas Maduro, who succeeded controversial leader Hugo Chavez after his death in 2013, told members of his socialist Patria Para Todos party that, Petro Oro will be publicly announced next week. Specifically, it translates the Maduro as saying:

“I do not want to rush things, but we have a surprise regarding the petro and the gold, which will have the same dimension as it has been related to oil, but it is the theme of next week.”

We’ll have more details as they emerge but, if these reports are true, it appears that the Petro has – so far, anyway – lived up to Venezuela’s hopes of raising foreign investment and getting round ever-more stringent sanctions. If that is the case, it could quickly establish a model for other marginalised regimes across the globe.

There are more details on the Petro to be found here.