Venezuela’s “Petro” Cryptocurrency: Money in Revolt

The Venezuelan government of Nicolás Maduro is desperately attempting to reverse the entire nation from teetering on outright state collapse. In a bold response to western sanctions pressures which have significantly contributed to Venezuela’s severely damaged economy, the Maduro government has launched an oil and gold-backed cryptocurrency platform as means of both defense against hyperinflation and embargoed oil trading, and as offense against petrodollar and wider dollar-as-reserve-standard hegemony. Other nations are taking note and quite possibly even participating tacitly in the cryptocurrency’s eventual global structural goals via their own digital vehicles, which could dovetail with Maduro’s ambitions.

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