Madura launches sovereign cryptocurrency scheme backed by natural resources. Hopefully other governments will rely on his example and quit relying on Wall Street banks to finance their government services.
“Venezuela is announcing the creation of its own cryptocurrency. It will be called The Petro. It will allow us to innovate towards new forms of international finance for the economic and social development of the country,” Maduro said Sunday in a statement on state broadcaster VTV, as cited by El Periodico.
Appearing on the weekly television show, “Sundays with Maduro,” the Venezuelan president announced the new cryptocurrency, whose value will be pegged to the country’s vast reserves of oil and gas as well as its mineral…
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