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Venezuela set to launch its own Cryptocurrency

Venezuela set to launch its own Cryptocurrency

Venezuela set to launch its own Cryptocurrency

Dire circumstances often call for drastic actions

Venezuela is in the midst of an overwhelming financial crisis, and the country’s president wants to address the situation with a new digital currency.

According to the Venezuelan government, the country’s cryptocurrency ‘Petro’ will be launched within the next few days and will be backed by hard assets such as 5.3 billion barrels of oil worth $267 billion. Beyond oil, it will also be backed by Venezuela’s gas, gold and diamond reserves.

The people of Venezuela have been facing shortages and unattainable prices for basic necessities. Due to sanctions put in place by the US, it is also very difficult for the people to transfer funds via international banks, and the constant plummeting of the currency bolivar against the dollar also makes online purchases almost impossible.

Many tech-savvy consumers have turned to bitcoin, but the country wants to offer a government-backed alternative along with the hope that this might allow them to pay international providers who have stopped supplying to Venezuela.

Cryptocurrencies are virtual coins that are obtained by users setting up computers to do complex mathematical calculations in a process known as mining.

Few details are provided on how the value will be calculated, trading conditions or technicality of how this will work to boost the country’s situation, causing naturally a lot of skepticism from the international community.

Also heavily dependent on the price of oil and faced with sanctions from the US, there has also been speculation that Russia is also in the planning stages of launching its own crytocurrency.

With the rise of credit cards, apps and electronic payments such as Paypal, we are following this situation with great interest as this could possibly be one of the first examples of many more to come on the digitalisation of money and our economy.

Demonetisation, digitisation, will currency be soon extinct? What do you think?


Best wishes from the team as always,



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