Venezuela launches new virtual currency called Petro

Venezuela launched its own cryptocurrency called Petro to circumvent US-led financial sanctions. It will be backed by the countrys vast natural resources.
Arjun Manjunadha

Last Updated: Dec 05,2017 10:25 IST

Venezuela launches new virtual currency called Petro

Venezuela launches new virtual currency called Petro

05 December 2017 Current Affairs: Venezuela launched its own cryptocurrency called Petro to circumvent US-led financial sanctions. It will be backed by the country’s vast natural resources.
Venezuelan President Nicolas Maduro approved the creation of BlockchainBase observatory to oversee development and rollout of new cryptocurrency.
The main aim to help Venezuela to advance in issues of monetary sovereignty, to make financial transactions and overcome financial blockade.
Crypto Currencies or Virtual Currencies are the type of unregulated digital money that is neither issued by central bank/public authority.
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