World’s First National Oil-Backed Crypto Becomes Venezuela’s Official Currency

As of August 20, Venezuela will have two official government currencies: Petro, the oil-backed cryptocurrency, and the new “sovereign” bolivar. In a televised address, President Nicolas Maduro announced that the state-owned oil company Petroleos de Venezuela (PDVSA) will use the digital asset to issue salaries. ABC International reports that the Venezuelan government will also issue a new mandatory […]

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