Venezuela is Patient Zero Challenging The Western Financial System with Bitcoinby@adamzarazinski
5,652 reads

Venezuela is Patient Zero Challenging The Western Financial System with Bitcoin

tldt arrow
Read on Terminal ReaderPrint this storyRead this story w/o Javascript

Too Long; Didn't Read

Nicolas Maduro launched the Petro (₽), an oil backed cryptocurrency, in 2018. Venezuela’s creation of the Petro, its formation of a national cryptocurrency exchange, and its nationalization of crypto-mining are part of an imminent international effort to evade US sanctions using digital currency. Countries that support Venezuela, in particular Russia, contributed to building this infrastructure and see it as a prototype for designing a similar national crypto financial infrastructure in the future. The US can and should respond by shutting down those tests where it can and by promoting innovation at home.

Companies Mentioned

Mention Thumbnail
Mention Thumbnail
featured image - Venezuela is Patient Zero Challenging The Western Financial System with Bitcoin
Adam Zarazinski HackerNoon profile picture

@adamzarazinski

Adam Zarazinski

Learn More
LEARN MORE ABOUT @ADAMZARAZINSKI'S EXPERTISE AND PLACE ON THE INTERNET.
react to story with heart

RELATED STORIES

L O A D I N G
. . . comments & more!
Hackernoon hq - po box 2206, edwards, colorado 81632, usa