Venezuela’s new currency tied to state-owned virtualcoin
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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.
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