Venezeula has had something of a controversial history with cryptocurrencies. While the digital assets have grown in popularity over the years, they have come with their fair share of problems.
Venezuela and Its Dealings with Crypto
Bitcoin, for example, has become increasingly popular since the fall of the nation’s currency the bolivar. Inflation is at its highest point, and many within Venezuela find themselves struggling to purchase most necessities, such as clothing and food for their children. Supermarket shelves are practically bare, and many have resorted to attacking zoo animals to put meat on their tables.
Attempting to thwart the growing poverty, the country has issued its own national cryptocurrency called the Petro. Making its official debut in early 2018, the currency allegedly earned nearly a billion dollars from its initial coin offering (ICO), though these claims have come with a few raised eyebrows.
Perhaps the most questionable statement comes in the form of the Petro being backed by the nation’s many oil supplies. Some sources say this is not true, as there is no mention of this in the Petro’s whitepaper.
There have been so many controversies surrounding the Petro that U.S. President Donald Trump ultimately banned all Petro trading last year, warning that all who dealt in it were likely to face legal consequences. Read More at LiveBitcoinNews...