Venezuela: Petro Cryptocurrency Becomes National Unit-of-Account

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The cryptocurrency situation in Venezuela received a push on Tuesday, Aug. 14, after President Nicolás Maduro announced that the state-issued Petro token is legally a unit-of-account in the crisis-stricken country, ABC International reports. Maduro’s Giant Cryptocurrency Experiment Launched in February 2018, the oil-backed cryptocurrency Petro was developed by the Venezuelan government to evade U.S. and European economic sanctions amid the deepening political crisis. After launch, the controversial token was offered to several countries as an option for purchasing Venezuela oil at a discount, a move which all parties understandably denied. Now, the country is pegging the Petro as a monetary unit and even aims to pay salaries and provide pensions with the cryptocurrency. First announced on a televised interview with a state-run news channel, Maduro stated national oil company PDVSA will begin to use Petro as an “official” unit-of-account. In addition, Venezuelans will be introduced to a new salary system