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Enter the 'petro': Venezuela to launch oil-backed cryptocurrency CARACAS (Reuters) - Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the "petro" backed by oil reserves to shore up a collapsed economy.
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Government-run Digital Currencies Could Disrupt US Dominance But if Venezuela creates a cryptocurrency for which its central bank will hold a centralized ledger, it will be able to issue debt in this currency while providing a layer of anonymity for investors. They will be able to lend money to Venezuela and get repaid in cryptocurrency, which Maduro wants them to ...
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Bitcoin Entrepreneur Mook: Digital Currency Will Replace Fiat Currencies As they 'Fail' The digital currency's value is rising due to the announcement that the Chicago Mercantile Exchange (CME) Group are to launch their bitcoin futures on the 18th December, after receiving approval from the U.S. Commodities and Futures Trading Commission (CFTC). At the beginning of the month, Terry ...
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