Petro Venezuela launches new virtual currency Venezuela has launched its own cryptocurrency called petrol to circumvent is US Led financial sanctions. it will be back by the countries vast natural resource reserves.
Venezuela president Nicolas maduro has approved the creation of blockchain base and roll out of new cryptocurrency
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What are cryptocurrencies ?
What are cryptocurrencies ?
cryptocurrencies are virtual currencies type of an regulated digital money that is neither issued by Central Bank/ public Bank nor is necessarily attached to fiat currency, but is used and accepted among the members of specific virtual community .
they are capable of been transferred, Stored or traded electronically. crypto currencies are founded as peer to peer P2P electronic payment system.
then enable transfer of money between parties without going through banking system they can be transferred directly between peers and the transactions are confirmed in a public ledger, accessible to all the users the process of maintaining this ledger and validating the transactions is known as mining and is carried out in a decentralized manner.
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