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Venezuela formally launched its new oil-backed cryptocurrency on Tuesday in an unconventional bid to haul itself out of a deepening economic crisis. The leftist Caracas government put 38.4 million units of the world's first state-backed digital currency, thVenezuela begins selling oil-backed cryptocurrency
Venezuela formally launched its new oil-backed cryptocurrency on Tuesday in an unconventional bid to haul itself out of a deepening economic crisis. The leftist Caracas government put 38.4 million units of the world's first state-backed digital currency, the Petro, on private pre-sale from the early hours. During the first 20 hours of the pre-sale, which runs through March 19, Venezuela received «intent to buy» offers to the tune of $735 million, according to President Nicolas Maduro. «The Petro reinforces our independence and economic sovereignty and will allow us to fight the greed of foreign powers that try to suffocate Venezuelan families to seize our oil,» he said. ... Read more