Venezuela Has Officially Launched Its Oil-Backed Cryptocurrency
Zero Hedge -

Authored by Tsvetana Paraskova via Oilprice.com,

Venezuela has officially launched what its President Nicolas Maduro claims is a first state-backed oil-backed cryptocurrency, El Petro, which analysts and experts see as nothing but a scam and another effort to skirt sanctions and mask the inability to overhaul the ailing domestic economy.

Over the past months, Maduro has been touting a new plan for economic recovery, which includes a new policy on gasoline pricing that would raise Venezuela’s...

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