Venezuela’s own oil-backed cryptocurrency is available for presale today

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Venezuela today launched the presale of its own cryptocurrency, the petro. There are currently 82 million tokens available, which the government plans to follow with a launch of the initial coin offer (ICO) in a month. It is the first sovereign cryptocurrency in the world, built on the chain of blocks of Ethereum and destined in part to save the country from wild inflation. The bolivar has recently reached four-figure inflation, and one bolivar is currently worth 0.00004 USD.
The intention of the Venezuelan president, Nicolás Maduro, is for the new digital currency to boost the Venezuelan economy and be a national currency alternative to the bolívar, as indicated on the website of the virtual currency. Eventually, it plans to issue 100 million petros, backed by 100 …

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