Category: Petro

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Venezuela just ‘linked’ the newly created sovereign bolivar to its terrible cryptocurrency

sudshr47 August 21, 2018

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You know you’re in trouble when your only hope for stability is something as notoriously unstable as cryptocurrency. And yes, Venezuela appears to be very much in trouble.  

According to Bloomberg, Venezuelan President Nicolas Maduro announced on Friday that he intended to link a new national currency, the sovereign bolivar, to a cryptocurrency of his own government’s making — the Petro. This is the first case of a government tying its economic fortunes so closely to that of any digital currency, and suggests a possible exit path for a country ravaged by hyperinflation. 

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Venezuela ties its currency to a state-run cryptocoin

sudshr47 August 20, 2018

Venezuela has just taken drastic and unprecedented steps to stabilize its currency as it grapples with hyperinflation and other economic issues. The country’s currency has not only been massively devaluated and renamed, but is now tied a state-issued cryptocurrency called the Petro, which itself fluctuates based on oil prices. Hardly anyone knows what to expect out of this.

View More Venezuela ties its currency to a state-run cryptocoin