Petro CRYPTOCURRENCY to become official currency alongside bolivar
Quote:
VENEZUELA is to make its homegrown cryptocurrency, the Petro, an official currency alongside the bolivar as the South American nation continues to battle hyperinflation which has left it on the brink of economic collapse.
President Nicolas Maduro announced state-owned oil giant Petroleos de Venezuela (PDVSA) will begin using the digital token from Monday, August 20.
In a television address, the Venezuelan leader revealed the country would soon have two units of currency: the digital Petro and the ‘sovereign bolivar’, ABC International reports.
He said his government would also introduce a new salary and pricing systems which will be pegged to the cryptocurrency.
The announcement comes as the oil-rich nation grapples with hyperinflation which some forecasters have warned will soon hit one million percent.
|
Rest of story w/photos
here.
Directly linking a crypto currency that isn't legal in the US against the dollar to an already-failed
hard currency of your country... what could go wrong? (or maybe it's 'wrong-er')
