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Venezuelan Virtual Currency is Solidly Supported

Venezuela's Minister of Ecological Mining Development, Victor Cano
Venezuelan Virtual Currency is Solidly Supported

The Venezuelan virtual currency, the Petro, will have solid economic support, according to reports spread by the authorities.

Victor Cano, Minister of Ecological Mining Development, by presenting the eve the bill of law for the exploitation of the Orinoco Mining Arch region before the National Constituent Assembly (ANC in Spanish), valued the resources assigned to the Petro in 1.6 trillion dollars.

The mineral resources treasured in the Orinoco Mining Arch, such as diamonds, gold, iron and bauxite, represent a potential of 1.6 trillion dollars, said the minister before the ANC approved the Law of Tax Regime in the Sovereign Development of the Orinoco Mining Arch.

President Nicolas Maduro, promoter of this initiative, said recently those resources, oil and gas, among others, will be the support of what many name today as ‘virtual Bolivar’.

The approved bill, in its Article 1, establishes the institutions subordinated to it, such as joint ventures which will allow the Venezuelan state a participation not below the 55 percent of the social capital.

In an equal form, institutions, corporations and enterprises bound to this law ‘whose social capital establishes in its totality to the Bolivarian Republic of Venezuela and have been created to that end’.

Source/Prensa Latina

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