Venezuela to Create a Cryptocurrency Amid Bolivar’s Free Fall

4 Dec 2017   Venezuela

Maduro says cryptocurrency to be known as the ‘petrocurrency’ To be backed by reserves in oil, natural gas, gold, diamonds Venezuela’s currency is in free fall. Cryptocurrencies such as bitcoin are going precisely the other direction. And there, President Nicolas Maduro sees a way out of his country’s economic ills. Nicolas Maduro Photographer: Wil Riera/Bloomberg On his Sunday television show, Maduro announced the nation would create its own “petrocurrency,” backed by reserves in oil, gas, gold and diamonds. It will enable Venezuela “to advance in monetary sovereignty, carry out its financial transactions to overcome the financial blockade,” Maduro said. “This will allow us to advance toward new forms of international financing for the country’s social and economic development,” he said. The black market rate for one dollar weakened to 103,000 bolivars on Friday compared with 10,000 at the end of July, according to dolartoday.com , a website that tracks […]

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