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As Bitcoin mania took over the world, governments the world over considered launching their own digital currencies. However, none actually took the leap until now. The government of Venezuela, a South American country, has launched its own form of cryptocurrency, the ‘Petro’, on Tuesday.
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Amid the country’s rising economic crisis which has led to hyperinflation and a worthless national currency, the government is issuing the Petro in an effort to bolster the economy.
Venezuela holds the world’s largest oil reserves and the government is backing the ... (read more)