President of Venezuela Nicholas Maduro is going to invite the OPEC countries to jointly create a mechanism for issuing crypto-currency, provided with oil. According to him, the idea was enthusiastically received by OPEC Secretary General Mohammed Barkindo, whose meeting with the Venezuelan leader took place in Caracas, the EFE agency reported.

In early December 2017, he announced his intention to create his own crypto currency – el petro. The use of the new technology, he believes, will help the country overcome the social and economic crisis.

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The President noted then that Venezuela will provide el petro with “reserves of natural resources, gold, oil and diamonds.”

In early January, Maduro ordered to start issuing 100 million units of national crypto-currency. Preliminary sale of el petro should start on February 20.

Over the past years, Venezuela is experiencing an acute socio-economic crisis, accompanied by a rapid price increase and devaluation of the national currency.

In the meantime, China is preparing to ban, within its jurisdiction, ICO, as well as operations with crypto currency in the conduct of exchange transactions, especially through platforms located overseas.

These measures, writes the Chinese China Daily, “initiated by regulators after the exposure of some illegal actions following the ban last year on the trade of similar products in the domestic market.”

A well-informed source told the China Daily that the People’s Bank of China and other regulators are preparing a package of measures to further restrict ICO-operations to attract investment, similar to the initial public offer of shares, and trade in crypto-currencies both in the country and abroad.

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