LONDON, December 7, 2017 /PRNewswire/ --
On Sunday, Venezuela launched a "new" cryptocurrency called "petro" that is backed by oil, gas, gold, and diamond reserves.
Venezuelan President Nicolas Maduro said in a celebratory tone that "the 21st century has arrived!" He added that the new cryptocurrency would help the country "advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade."
This is not the first time a cryptocurrency has been backed by the oil industry. In fact, this is a clear copy of the London-based R Fintech product called Bilur, launched earlier this year. One unit of the new e-Commodity is equivalent to 6.5 barrels of Brent crude oil. At today's Brent price of $64.15, one Bilur is worth $418.12. Shortly after the launch, it was worth about $356. There are plenty of success cases wherepeople invested in one unit of Bilur in May and now can made a return of 17.5% in seven months.
Recently, R Fintech has made an important update on Bilur trading platform http://www.bilurmarket.com. The new improvements allow to invest and return benefits to other cryptocurrencies like Bitcoin, Ethereum, and ATM.