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Title : To Beat Sanctions Venezuela Has Announced That It Will Launch An Oil-Backed Cryptocurrency
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To Beat Sanctions Venezuela Has Announced That It Will Launch An Oil-Backed Cryptocurrency

BBC: Venezuela unveils virtual currency amid economic crisis

Venezuelan President Nicolás Maduro has announced the creation of a new virtual currency in a bid to ease the country's economic crisis.

He said the Petro would be backed by Venezuela's oil, gas, gold and diamond wealth.

Opposition lawmakers, however, poured scorn on the plan.

Venezuela's economy has been hit by falling oil revenue and the plummeting value of its existing currency, the bolivar.

President Maduro has also railed against US sanctions which he describes as a "blockade".

In a televised announcement on Sunday, Mr Maduro said the new crypto-currency would allow Venezuela "to advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade".

"The 21st Century has arrived!" he added to cheers from supporters.

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WNU Editor: What's my take. The Venezuela government can now screw up two currencies instead of one .... Venezuela’s cryptocurrency plan means it could have two mismanaged currencies (Quartz).

More News On Venezuela Announcing That It Will Launch An Oil-Backed Cryptocurrency

Enter the 'petro': Venezuela to launch oil-backed cryptocurrency -- Reuters
Venezuela to Launch Cryptocurrency to Fight U.S. Sanctions -- VOA
Maduro Announces Creation of the Petro, Venezuela’s Cryptocurrency -- Latin American Herald Tribune
Venezuela to launch ‘Petro’ cryptocurrency to fight Trump’s ‘financial blockade’ -- RT
Venezuela's Petro cryptocurrency tipped as way out of economic crisis -- ZDNet
Venezuelan President Announces Its Digital Currency Is Backed by Oil Reserves -- Futurism

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