New Venezuelan currency linked to oil-backed crypto

Venezuelan BOB100 note

The Venezuelan government has announced a massive devaluation of the bolivar and its replacement with a new currency linked to an oil-backed cryptocurrency, in the latest attempt to tackle hyperinflation.

Venezuelan president Nicolás Maduro unveiled the new “sovereign bolivar”, which operates as legal tender from August 20. The United Socialist Party government’s economic plan anchors the new currency to the petro, the cryptocurrency the government created earlier this year. The petro is backed

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