President Nicolas Maduro has said
Venezuela would launch a cryptocurrency to combat a US-led financial
“blockade,” although he provided few clues about how the economically crippled
Opec member would pull off the feat. “Venezuela will create a cryptocurrency
... the ‘petro,’ to advance in issues of monetary sovereignty, to make
financial transactions and overcome the financial blockade,” leftist Maduro
said during his weekly Sunday televised broadcast. The digital currency will be
backed by Venezuelan reserves of gold, oil, gas, and diamonds, he said during
the near five-hour show, which included traditional Christmas songs and
dancing. More…
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