Alex Morris

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
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.

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