Venezuela has announced that it recognizes its encryption money as a second official currency.
In Venezuela, President Maduro of Venezuela used a television speech.
In February, the U.S. government announced that the encrypted currency Petro, backed by its crude oil, would be the official currency of the state-run oil company PDVSA.
“Monday next week, Venezuela will have a second unit of account based on oil prices. This will begin as the second unit of account in Venezuela and as an integral unit in our PDVSA oil industry.”
Venezuela will be used next week in conjunction with Petro’s sovereign Bolivar currency and will erase five ‘0’ in the Bolivar monetary unit as part of currency reform. The central bank of Venezuela will hold the value of the sovereign currency to crude oil, and the value of the Petro will be used as the currency of the international currency.
Regardless of whether Petro fails to recognize the cryptocurrency linked to its crude oil, President Maduro is increasing the use of the money. However, the international trade in the cryptocurrency is still small.
On the other hand, according to information from experts in crypto-monetary ICO, the Venezuelan government has raised suspicions that it is using VENEDU HODINGS to illegally clean up the world’s first oil-based currency.
Therefore, Venezuela has been suffering from severe inflation since the United States imposed economic sanctions on Venezuela, and the publication of Petro has been chosen as a way to prepare its citizens for inflation other than Bitcoin. Bitcoin geese were recorded at $1 million a day until last April. However, U.S. President Donald Trump banned the purchase of Petro through an executive order signed on March 18.
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