Today: Monday, 20 May 2024 year

Venezuela to launch cryptocurrency to combat US ‘blockade’, Maduro says

Venezuela to launch cryptocurrency to combat US ‘blockade’, Maduro says

Venezuelan President wants to launch the digital currency petro will be backed by state reserves of gold, oil, gas, and diamonds. On Sunday, Nicolas Maduro unveiled his financial plan for saving Venezuela from the crisis.

President Maduro wants to see his country rich and prosperous, so, he is going to launch the cryptocurrency, which should save Venezuelan economy from deep and long crisis. The national leader railed against US sanctions which he describes as a “blockade”.

In a five-hours-long televised announcement on Sunday, Mr Maduro said the new crypto-currency would allow Venezuela “to advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade”.

“The 21st Century has arrived!”

he added to cheers from supporters during the long television show, which included traditional Christmas songs and dancing.

The move follows increasing global interest in the crypto-currency Bitcoin. Venezuela owes an estimated $140bn to foreign creditors and economists suggest Mr Maduro is looking to try to pay them with Petros as he seeks to restructure the country’s debt.

“It’s Maduro being a clown. This has no credibility,”

opposition MP and economist Angel Alvarado.

Tourism in Venezuela: another source for economy’s recovering

In addition to the launching the cryptocurrency petro and the traditional currency’s free falling, vice-president Tareck Al-Aissami announced that the travel and leisure industry in the hemisphere’s most deranged economy was on a roll. He believes that the tourism has become the first engine of economic development in our country.
Our country was dependent on oil for many years, but now has come the time of tourism for economic development,”
Al Aissami said at a trade fair on Margarita Island.
In fact, Venezuela has historically relied on its oil wealth to support its economy but a decline in oil prices has sent the country into economic and political crisis.