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President of Venezuela Directs Banks to Embrace Petro in a Bid to Struggle Recession

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Tue, 08/28/2018 - 14:06
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Yuri Molchan
From now banks have to report all financial data in Petro - this is the demand of the country’s regulator. This seems to be the result of the 5-year recession
President of Venezuela Directs Banks to Embrace Petro in a Bid to Struggle Recession
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From now on banks, public or private, have to report all financial data in Petro– this is the demand of the country’s regulator.

This seems to be the result of the five-year recession and high inflation, and now the local authorities are doing its best to emerge from those. For this purpose, the local fiat coin, Bolivar, is being replaced with new “Sovereign Bolivars,” Petro-backed.

Maduro also, reportedly, intends to raise the minimum salary and petrol taxes.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.