Weekly Report - 07 December 2017 (WR-17-48)

Venezuela’s Maduro experiments with cryptocurrency

Venezuela’s President Nicolás Maduro announced on 3 December the creation of a new cryptocurrency, which he christened ‘El Petro’, to carry out financial transactions abroad and circumvent the “financial blockade” on the country. Economic sanctions imposed on his government by the US and other countries have affected Venezuela’s ability to make payments on its outstanding international debt and contributed to the country and the state-owned oil firm Pdvsa falling into partial default.

End of preview - This article contains approximately 385 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

Intelligence Research Ltd.
167-169 Great Portland Street,
5th floor,
London, W1W 5PF - UK
Phone : +44 (0) 203 695 2790
You may contact us via our online contact form
Copyright © 2022 Intelligence Research Ltd. All rights reserved.