Facing Hyperinflation, Venezuela to Issue Oil-Backed Cryptocurrency

in crypto •  7 years ago 

Venezuela, the country plagued by hyperinflation pressures over the past few years, has announced that it will issue an oil-backed state cryptocurrency called the ‘Petro’ in an attempt to shore up its struggling economy725_Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8xZDQzZjBmM2U0NTEyMTEyNTVkNTBiN2NlZTEwZjA3Ni5qcGc=.jpg
The announcement comes as a result of the massive adoption of Bitcoin in the nation.

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7 years ago by

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