Venezuela to launch “Petro” cryptocurrency

By Mike “Mish Shedlock

With Venezuela in default as well as hyperinflation, president Maduro vows to fight a US “blockade” with the “Petro”.

President Nicolas Maduro said on Sunday that Venezuela will launch a cryptocurrency to combat what the leftist leader says is a financial “blockade” against the crisis-hit nation spurred by U.S. sanctions.

Maduro said the OPEC member’s new currency, “petro,” will be backed by natural resources reserves although he did not provide details on the logistics of its roll-out.

The number 1 problem in Venezuela is Maduro, not lack of food or money. Maduro’s socialist program is what created hyperinflation.

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Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Article appeared at his blog.

 

 

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