President Nicolas Maduro of Venezuela has announced the creation of a new national digital currency – the Petro. He believes that this cryptocurrency will fight off the effects of the US-led sanctions.
The economic situation in Venezuela is in total freefall. The once-prosperous South American nation has descended into chaos over the last few years as the central government has become more authoritative. The national currency, the bolivar, has fallen in value by a staggering 95.5% against the dollar in the past year alone. But the dictatorial president of Venezuela, Nicolas Maduro, has a solution: the creation of a national digital currency called the Petro.
The Revolution Continues with the Petro
President Nicolas Maduro blames the economic woes of Venezuela upon the United States, who has placed sanctions upon the socialist country. The Petro is supposed to be backed by the country’s oil and gas reserves, as well as its diamond and gold holdings. In a televised address announcing the Petro, Maduro said:
Venezuela will create a cryptocurrency … the ‘petro’, to advance issues of monetary sovereignty, make financial transactions and overcome the financial blockade … This is going to allow us to move toward new forms …
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