Venezuelan President Nicolás Maduro
announced in December the launch of “petro,” a new cryptocurrency that will be
backed by oil, diamonds and gold reserves to circumvent sanctions from the
Trump administration, but experts doubt this move will save the South American
nation’s ailing economy. “[Petro] will allow us to advance to new ways of
international financing and socioeconomic development in the country,” the
president said in his TV show Sundays with Maduro at the time. He pledged the
Venezuelan cryptocurrency will “advance in monetary sovereignty, to make
financial transactions and to vanquish U.S. economic blockade. More…
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