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Virtual currency- Venezuela
February 25 , 2018
2464 days
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- Cash-strapped Venezuela became the first country to launch its own version of bitcoin
- The petro is backed by Venezuela’s crude oil reserves, which is the largest in the world, gas, gold and diamond reserves to circumvent US-led financial sanctions.
- Venezuelan Government will accept Petro as a form of payment of national taxes, fees, contributions and public services
- With new official cryptocurrency, Venezuela hopes to overcome economic blockade imposed by US which has resulted in 99% depreciation of value of its fiat currency Bolivar.
- Venezuela, an OPEC member has one of the largest oil reserves in the world.
- The socialist country earns 95% of its forex from oil exports is going through one of the biggest financial crisis in its history.
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