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Venezuela wants to fix its economic problem by an imaginary fresh currency

Venezuela wants to fix its economic problem by an imaginary fresh currency. Venezuelan President Nicolás Maduro has declared which he going to be introducing a digital currency called the “petro” in a desperate bid to dodge strict America sanctions.

The petro can theoretically help Venezuela get around the restrictions (and any aftertime America sanctions) because it provides an alternative path for sending money.
But Maduro didn’t meat out the method the currency would work, the method its price would be calculated, or the time it would be launched.
Venezuela’s existing currency Information Systems endeed struggling in fraction due to a massive loss of trust in its value.
That made the bolivar’s price plunge, which in Turn around caused Businessmen to down their holdings of it, causing it to fall further, & which created a vicious cycle of hyperinflation.

Venezuela wants digital currency to fix economic problems

Venezuela’s president declared this 7 days the country would release its own digital currency.
Venezuela’s president declared this 7 days the country would release its own digital currency.
“Venezuela going to innovate a cryptocurrency,” Venezuelan President Nicolas Maduro told on Sunday, according to Reuters.
Q: the method would a government-backed digital currency look like?
What’s new, however, Information Systems the direct correlation among the Venezuelan Gov & a digital currency.
Venezuela wants digital currency

Venezuela unveils virtual currency amid economic crisis

President Maduro made the declaration during his every week television & radio programmeVenezuelan President Nicolás Maduro has declared the creation of a fresh virtual currency in a bid to easiness the country’s economic crisis.
Venezuela’s economy has been chock with falling oil income & the plummeting price of its existing currency, the bolivar.
President Maduro has too railed versus America sanctions that he describes as a “blockade”.
Image copyright AFP Image caption Oil has long been the mainstay of the Venezuelan economyThe move follows increasing universal interest in the crypto-currency Bitcoin.
Venezuela has historically relied on its oil fortune to backing its economy however a decline in oil prices has sent the country into economic & political crisis.

 

 

 

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