Venezuela launches its own cryptocurrency
I found this interesting today.
Venezuela launched its own crypocurrency recently, which seems to be a plan to try to bring more money into the country. Venezuela has been struggling the last few years after gas prices tanked and the US started producing more gas locally. This has caused Venezuela a lot of hardship, to the point where people are leaving the country for greener pastures.
This new cryptocurrency will be called 'petro' and is backed by the country's oil. Many people seem to have doubts about this new cryptocurrency, mostly because of how desperate the country is for money. Venezuela is in the process of renegotiating their debt.
Still others like the idea that this cryptocurrency will be backed by a commodity, which is rather rare.
It will be interesting to see how things work out for 'petro.'
What do you think?
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STOPYes, I also like the idea of a crypto being backed by a commodity... we'll see how this plays out.
Hi Chessaria I remember you from yoga class with my mom Ingrid!
Hi Cion! I remember you too! I hope things are going well :)