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Venezuela Will Launch An Oil-Backed Cryptocurrency
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4 Dec 2017 01:36 AM EST

Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions. To shore up a collapsed economy, he announced on Sunday the launch of the “petro” backed by oil reserves. The leftist leader offered few specifics about the currency launch or how the struggling OPEC member would pull off such a feat. But to cheers he declared that “the 21st century has arrived!” In his regular Sunday televised broadcast, a five-hour showcase of Christmas songs and dancing, Maduro said, “Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves.

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