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.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.