As our readers know this Website normally does not report on real world developments. But these are some abnormal times we are going through. So when the Latin American country Venezuela decided a few hours ago to take the unprecedented steps to stabilize its currency because of “hyperinflation”, we decided to take note. Why? This is the only country whose currency is tied to a state-issued cryptocurrency called the ‘Petro’, which, hold your breath, fluctuates based on oil prices. As TechCrunch claimed, this “is a historic moment in the blockchain world” in that it is the first time an official fiat currency has been pegged to a state-run cryptocurrency.
Massive currency devaluation adds to chaos in Venezuela – CNBC
http://news.google.com Aug 20, 2018
Massive currency devaluation adds to chaos in Venezuela. 7 Hours Ago. CNBC’s Michelle Caruso-Cabrera reports on the devaluation and the country’s latest policies in an attempt to turn the …
Here’s What Maduro Has Said of Venezuela’s Petro Cryptocurrency – Bloomberg
http://news.google.com Aug 20, 2018
Venezuela’s 95 percent devaluation of the bolivar over the weekend is generating fresh interest in its cryptocurrency, which was designed to be devaluation-proof. Yet, …
Venezuela Nationalizes Petro, Will Introduce Crypto-Based Salary System for Workers – Bitcoin Magazine
http://news.google.com Aug 15, 2018
Venezuelan President Nicolas Maduro recently revealed that the nation’s oil-backed cryptocurrency, the petro, will be used as a unit of …
Petro Will Be An Official Alternate Currency in Venezuela – CCN
http://news.google.com Aug 17, 2018
Venezuelan President Nicolás Maduro announced this that the Petro, an oil-backed cryptocurrency that the country launched to work around sanctions in February, will become an official cur …
