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April 27, 2018

Venezuela’s central bank will receive $1 billion from the sale of the country’s cryptocurrency, the Petro, Reuters reports.

Speaking to reporters on Thursday, the country’s President Nicolas Maduro said early sales had reached $3.3 billion.

“I’ve decided to send $1 billion to the central bank for Dicom auctions,” Maduro said in a televised broadcast, referring to the government-backed foreign exchange platform.

Maduro said the funds will be used for foreign exchange auctions.

On February 20, Venezuela formally launched Petro, becoming the first country with its own oil-backed cryptocurrency.

By Siranush Ghazanchyan

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