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1/11/2025 1:38:56 PM (GMT+1)

How Venezuela Created Its Own Cryptocurrency

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Venezuela, facing hyperinflation and an economic crisis, decided to create its own cryptocurrency — Petro. The idea was to bypass international sanctions and provide financial stability to the country. The cryptocurrency is tied to oil, gas, and gold reserves, which helps reduce volatility. Petro became an alternative to traditional currencies, aimed at restoring the economy and attracting investments. However, despite government support, the cryptocurrency failed to gain widespread recognition among international users and investors.


This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.



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