Venezuela's President Bets Big on State-Backed Petro Cryptocurrency, Aiming For Global Adoption

  • Alex Dovbnya
    📰 News

    Despite the lukewarm reaction from a slew of economic experts, Venezuela's President Nicolas Maduro keeps pushing the new Bolivar-pegged Petro cryptocurrency


Venezuela's President Bets Big on State-Backed Petro Cryptocurrency, Aiming For Global Adoption

Despite the lukewarm reaction from a slew of economic experts, Venezuela's President Nicolas Maduro keeps pushing the new Bolivar-pegged Petro cryptocurrency, claiming that the token will a solution to the hyperinflation that is plaguing the socialist country.

Maduro now wants to bring the adoption of the Petro to a brand-new level by inserting it into the global trade industry. However, it doesn't necessarily mean that the controversial government-backed coin will actually make any progress on the global scene as the US President Donald Trump has recently imposed a ban on dealings in the petro.      

As U.Today reported earlier, Maduro also directed both private and public banks to embrace the new virtual currency.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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