A Look at Venezuela’s Other Cryptocurrencies, While the Petro Takes Center Stage

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Financially troubled Venezuela, which is introducing the new, denominated, crypto-anchored “sovereign bolivar” this week, is also the birthplace of a number of alternative coins beside the state-issued, oil-backed national cryptocurrency, El Petro. Crisis-hit Venezuelans are actually using some of them in real life, according to the local crypto community.      El Petro in the Spotlight Public attention is focused on the petro this week, with authorities in Caracas launching the country’s new and denominated bolívar soberano (sovereign bolivar) that has five zeros less than the bolívar fuerte – the current Venezuelan fiat which is going down in history as one of the world’s most depreciated and inflated currencies. What makes the occasion special is that the new bolivar is pegged to the petro – arguably the world’s first national cryptocurrency. From Monday, the two will coexist together and will remain the only two official units of account in the Bolivarian Republic after the old bolivar