Venezuela, the country plagued by hyperinflation pressures over the past few years, has announced that it will issue an oil-backed state cryptocurrency called the ‘Petro’ in an attempt to shore up its struggling economy. The announcement comes as a result of themassive adoption of Bitcoin in the nation.
The announcement made by President Maduro was met by cheers from the listening crowd, as the leader stated that for Venezuela ‘the 21st century has arrived.’ However, opposition leaders suggested that the cryptocurrency would require congressional approval and would likely never see the light of day…
Read Full: Facing Hyperinflation, Venezuela to Issue Oil-Backed Cryptocurrency
