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Venezuela to launch new cryptocurrency 'petro'
[PRESSTV] Venezuelan President Nicolas Maduro has announced that his country will be introducing a new cryptocurrency to battle the US financial "blockade."
Will they print it on plain paper using their computer printers?
"Venezuela will create a cryptocurrency... the 'petro,' to advance in issues of monetary illusory sovereignty, to make financial transactions and overcome the financial blockade," said Maduro in his weekly televised broadcast on Sunday.

He added that it will be backed by natural resources reserves without providing further details.
I thought their oil reserves were mortgaged to China a few years ago. What else can they use as backing — the annual coca crop?
The announcement drew widespread scorn from the economically-crippled country's opposition, who voiced doubt over Venezuela's ability to launch of a cryptocurrency.

The country's own currency, the bolivar, has lost around 57 percent in the last month alone.

Maduro's move comes at a time that the cryptocurrency known as bitcoin has soared to an all-time high of well above $11,000 on major exchanges and digital currency indexes.

Created in 2009, bitcoin uses encryption and a blockchain database that enables the fast and anonymous transfer of funds outside of a traditional centralized payment system.

It has increased more than 10-fold in value so far this year, posting the largest gain of all asset classes, amid increased institutional demand for crypto-currencies as financial and mainstream use has expanded.

Meanwhile,
...back at the bunker, his Excellency called a hurried meeting of his closest advisors. It was to be his last. They discussed the officers's efficiency rating system...
 Representatives of the Venezuelan government and opposition have made "significant advances" in negotiations aimed at resolving the country’s political and economic crisis.


Posted by: Fred 2017-12-04
http://www.rantburg.com/poparticle.php?ID=502976