Maduro announced the creation of the Venezuelan cryptocurrency
The President noted that the cryptocurrency El Petro will be provided in the “Venezuelan natural resources stocks, gold, oil and diamonds”.
MOSCOW, December 3. /TASS/. Venezuela will begin to create their own cryptocurrency. This was reported on Sunday the TV channel Venezolana de Televisi? n President of the South American country, Nicolas Maduro. The government expects that the new technology will help in overcoming socio-economic crisis. Cryptocurrency will be called El Petro.
I deeply studied this topic and want to declare that Venezuela will use a new cryptocurrency based on petroleum resources of Venezuela will create a cryptocurrency El Petro.Nicholas Magurumbasi
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According to him, this will allow the country to move forward in the field of “new forms of obtaining international funding.” Cryptocurrency will be provided in the “Venezuelan natural resources stocks, gold, oil and diamonds”.
Over the past years, Venezuela is experiencing an economic crisis marked by soaring prices and the devaluation of the national currency.
According to the latest forecasts of the International monetary Fund, in 2017, the rise in consumer prices in Venezuela is expected to reach 652,7%, and in 2018 already 2349,3%. In 2016, inflation reached 254,4%, and GDP decreased by 16.5%. This year, as expected, his fall will be 12%, and in 2018 — 6%.
In early November of this year, Maduro announced its intention to restructure the country’s external debt. For this, a Commission was established, headed by Executive Vice President Tarek al-Aissami. According to the Economic Commission for Latin America and the Caribbean, in 2016, the external debt of Venezuela amounted to $132.15 billion