Venezuela to launch new virtual currency
The President of Venezuela, Nicolas Maduro has announced the creation of a new virtual currency in a bid to ease the country’s economic crisis. The economy of the country has been impacted heavily by the falling oil revenue and plummeting value of its existing currency, the bolivar. According to the President, the new crypto-currency- Petro – would allow the country to advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade. Venezuela’s economic crisis is mainly triggered by a fall in crude oil prices and a drop in oil production, Petroleum is its main source of hard currency.
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