This is the world's largest by any country; this state has proposed the upcoming national cryptocurrency supported by its oil reserves. This Venezuelan President Nicolas Maduro has announced the release of 100 million petros.
Its El Nuevo Herald will be less than $ 6 billion at an average of $ 60 a barrel while declaring the total value of 100 million petros. Each of its petrochemical reports will be directly valued for a barrel of oil. Petro will soon see its first release after Maduro's mandate to issue 100 million units of digital token to its National cryptocurrency of Venezuela.
If venezuelan government is unable to create credible monetary policy and there is no trust in their fiat, why would anyone believe in their cryptocurrency? They should just reduce printing their fiat and inflation will drop.
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