Venezuela to issue oil-backed cryptocurrency

590 views · Published 17 January 2018 · 3:15 · Indexed 13 October 2026

Channel: CGTN Africa · 2018 · News & Politics

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Venezuela has announced plans to issue at least 100 million units of an oil-backed cryptocurrency called the "petro", with each unit of currency worth one barrel of oil. The initiative comes as Venezuela struggles to finance itself in the midst of the world's deepest recession and sanctions from the United States

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