Venezuela's bolivar is on the brink of collapse but its president has a cunning plan to claw back cash: create a virtual currency and sell it on the internet.
President Nicolas Maduro hopes el petro, which goes on sale Tuesday, will provide respite for a nation descending further into economic chaos by the day. The coin is a last ditch attempt to boost a nation where the monthly minimum wage sits at £5, its people lack basic food and medicine, and inflation is set to reach 13,000pc by the end of 2018.
Customers across Qatar, Turkey, Europe and the US, are already lining up, according to Carlos Vargas, who was appointed by Maduro as the "superintendent of cryptocurrency" in December 2017, tasked
The petro represents a hope for all Venezuelan citizens who suffer daily the onslaught of the deep economic crisis in which we are involved. Undoubtedly we want this initiative to have the most success.
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