Monday, 4 December 2017
On 00:50 by admin No comments

In the broadcast, the president said:
“Venezuela is announcing the creation of its own cryptocurrency. It will be called the Petro. It will allow us to innovate towards new forms of international finance for the economic and social development of the country … to advance the country’s monetary sovereignty, to carry out financial transactions and to defeat the financial blockade.In order to kick-off the development of the cryptocurrency, Maduro has approved the creation of a Blockchain Base observatory that will oversee the development and rollout of the Petro. The country hopes that it can overcome the economic blockade which the U.S. has put on the country. The blockade has caused the country’s national currency, the Bolivar, to lose around 57% of its value in the last four weeks.
We are facing a financial war against the country which we have denounced and the opposition has denied. There are business people who are unaffected by Donald Trump’s blockade. With this, we will join the 21st century.”
While it’s great to see yet another country deciding to set up a national cryptocurrency, Venezuela will likely garner some friction from the U.S. over the move. The Trump administration has already been railing against Venezuela and its socialist leadership in-between tirades against Iran and North Korea.
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