Venezuela’s President Devalues Fiat Currency by 95%, Pegs it to Crypto ‘Petro’

Venezuela’s President Devalues Fiat Currency by 95%, Pegs it to Crypto ‘Petro’

News

Over the weekend, Venezuelan President Nicolas Maduro began broad economic changes that ultimately ties Venezuela’s currency to the contentious ‘oil-backed’ cryptocurrency Petro. As CCN reported, President Maduro announced the plan last week and has followed through. As part of the fiscal changes, The Central Bank of Venezuela devalued the nation’s currency by 95% (about five

The post Venezuela’s President Devalues Fiat Currency by 95%, Pegs it to Crypto ‘Petro’ appeared first on CCN