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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.

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