Venezuela turns to crypto currency, hoping to salvage battered economy
Venezuela turns to crypto currency, hoping to salvage battered economy
Venezuelan President Nicolas Maduro says his government will begin pre-selling a cryptocurrency today, called the “petro.” It’s backed by the cash-strapped country’s oil reserves. Maduro is hoping to circumvent U.S.-led sanctions, attract investment and bring the country back from the brink of full-blown default. There’s significant skepticism about this strategy.
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