By Sounds and Colours
28 December, 2022
The economic situation in Venezuela has been deteriorating steadily for many years, as the country is under sanctions. The Venezuelan bolivar experienced hyperinflation, as a result of which the government announced the denomination of the national currency. To somehow improve the situation, the authorities decided to issue their cryptocurrency – El Petro. Oil, gas, gold, and diamonds became the collateral for this cryptocurrency, and one unit was equal to a barrel of oil. According to buidlbee, now lots of people all over the world try to earn with the help of crypto and Venezuela wanted to improve its economic situation.
The country had a huge public debt. The new cryptocurrency could supposedly pay it off and pay foreign investors on bonds. Although at once they were somewhat skeptical about this.
El Petro is based on the Ethereum blockchain platform, according to the ERC20 standard….
