The way Venezuela has mismanaged its currency is one of the
best advertisements for digital currencies that seek to replace fiat money
issued by governments. A prudent citizen of that country would have protected
his wealth better by holding a digital currency rather than the Venezuelan
bolivar. Now, Venezuelan President Nicolas Maduro has said that his country
will launch its own cryptocurrency, backed by the ample reserves of oil, gold
and diamonds that his country has. Maduro says this new currency will help
Venezuela bypass the sanctions that the US has imposed. More…
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