The vice president of the Economic Area, Wilmar Castro Soteldo, explained that gold gives stability to the petro, the Venezuelan cryptocurrency that the government is preparing to issue.
He pointed out that Venezuela’s large gold reserves can convert the petro into “a firm, stable, solid currency, but also that it can be traded as a crypto-asset, a digital asset with great validity”
He indicated in an interview with José Vicente Rangel, broadcast this Sunday by Televen, that Venezuela has the eighth reserves of gold in the world: “that can support the stability of the currency and makes it very attractive for investment.”
He argued that since 1973 is seen that the dollar tends to disappear as a benchmark, and gold replaces it. “Therefore, the big countries are acquiring this metal”, he said.
He recalled that in 2017, 532 kilograms of gold extracted from the South of the country were delivered to the Central Bank of Venezuela.
“We have a very ambitious goal that President Maduro has proposed of the possibility of reaching the extraction of 40 tons this year”, added Castro Soteldo.
