Venezuela created its own cryptocurrency El Petro in cooperation with the Russian authorities, the media writes citing unnamed sources. Journalists argue that the decision to help Venezuela was taken personally by Russian President Vladimir Putin.
The evidence also shows that the advisors of the President of Venezuela, Nicolas Maduro, are two Russians associated with the largest Russian banks and billionaires close to the Kremlin. Those are the general director of Zeus Trading Denis Druzhkov and the director of Aerotrading Fyodor Bogorodsky.
In Venezuela, El Petro was needed to circumvent US economic sanctions. In Russia does not exclude the creation of a “cryptoruble” with the same purpose. As Sergei Glazyev, an adviser to the Russian president on economic issues, stated in an interview, while the states are wary of cryptocurrencies that private individuals are issuing, “but this situation will not last long”.
“More states are announcing the issue of a national digital currency,” Glazyev said. It seems that Russia is planning to enter the number of such countries and now looking closely, how this mechanism will work in another states.