Due to the collapsed economy, the President of Venezuela, Nicolas Maduro declared the initiation of “Petro”, a digital form of currency backed by oil reserves. Looking into the domain of digitalized currency, this was announced to get around the US led economic transactions to boost up the struggling economy.
A leftist leader, the President put forward only a small number of particulars about the currency launch or how the struggling OPEC (Organisation of the Petroleum Exporting Countries) member would pull off such an accomplishment, but he affirmed to applause that “the 21st century has arrived!”
According to the President’s regular Sunday televised broadcast, he announced that the country will generate a cryptocurrency supported by the natural reserves of oil, gas, gold, and diamond.
RISE ABOVE THE FISCAL OBSTRUCTION
This currency will help Venezuela, as a country move forward in terms of financial sovereignty as well as to make monetary transactions and rise above the fiscal obstruction.
This story is from the January 2018 edition of Mad About Money.
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This story is from the January 2018 edition of Mad About Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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