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 where people 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.

SOURCE RFintech Plc