Quote

Venezuela is an example of a government that engaged in Crypto dealings to elevate their economic crisis. Venezuela ordered the issuance of a Cryptocurrency that is backed
by the country's oil reserves, since the country is nearing a collapse of their traditional currency, The Petro will promote development of infrastructure and manipulation-free markets, all thanks to technology. Venezuela's government, is to release US$1 billion into the economy obtained through the sale of the Petro. The Cryptocurrency is also a way around restrictions on holding foreign currency.

Indias government has claimed it has no plans to use Petro to buy oil from Venezuela as Indias central bank has forbidden trading in Cryptocurrencies. The United States has also banned the Petro, and companies doing business with Venezuela could get into trouble with the law if they conduct deals that involve Petro trading. The days still look dark for Venezuela in my opinion.

Salvodor1982

Posts

Merits