The President of the Republic, Nicolás Maduro, announced on Friday the creation of a Superintendence of the Cryptocurrency, 'El Petro'. The new instance will be in charge of the constituent, Carlos Vargas. "I signed the decree for the creation of the Venezuelan Cryptocurrency Superintendence (El Petro) created a Superintendency to govern El Petro, and I have decided to appoint a Venezuelan, constituent, Carlos Vargas as Superintendent of the Cryptocurrency, who from today will be superintendent of El Petro cryptocurrency in Venezuela ".
The Venezuelan head of state created a Venezuelan cryptocurrency last Sunday, December 3, it will be backed by the reserves of oil, diamonds, gas and gold of the nation. It is a virtual exchange currency that offers greater dynamism and security to the public when managing all financial operations.