Venezuela has launched a cryptocurrency. Venezuela claims it is the world's first sovereign cryptocurrency.
The "Petro" is intended to bolster the country's crumbling economy, which has been suffering from hyperinflation and devaluation for years.
Critics say the move is a desperate attempt by Caracas to raise cash at a time when Venezuela lacks the ability to repay its $150bn of foreign debt. For small investment in cryptocurrency free to comment, contact+923085393603 +923139219988
The "Petro" is intended to bolster the country's crumbling economy, which has been suffering from hyperinflation and devaluation for years.
President Nicolas Maduro has said each token will be backed by a barrel of Venezuelan crude. The Latin American country has the world's largest proven oil reserves.
A total of 100 million Petros will be sold, with an initial value set at $60, based on the price of a barrel of Venezuelan crude in mid-January.
The official website published a guide to setting up a virtual wallet in which to hold the cryptocurrency, but did not provide a link for actually doing so on Tuesday.
Critics say the move is a desperate attempt by Caracas to raise cash at a time when Venezuela lacks the ability to repay its $150bn of foreign debt. For small investment in cryptocurrency free to comment, contact
No comments:
Post a Comment