Venezuela’s President Maduro To Tie Bolivar to Petro Crypto Asset
Cryptovest
Published Aug 20, 2018 09:40AM ET
Updated Aug 20, 2018 11:00AM ET
Venezuela’s President Maduro To Tie Bolivar to Petro Crypto Asset
Venezuela is facing the possibility of tying its now practically defunct national currency to the Petro , a digital asset which is perhaps the most obscure one in the world of crypto. The Bolivar, which fell in February from $0.01 to $0.0000040, has been the chief reason for Venezuelans to turn to hard currency, but also to digital coins like Bitcoin, DogeCoin, and other assets.
But this is not the end for the Bolivar - President Nicolas Maduro has proposed to tie the value of the Bolivar to the Petro, in effect triggering a 95% further devaluation. The cryptocurrency community is rather mystified how the peg to a digital asset would happen. In theory, the Petro is tied to the value of the estimated oil found in two relatively sm...
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