According to Venezuelan President Nicolas Maduro TV speech, the country is going to allow official international transactions with government-backed cryptocurrency Petro. Venezuela has become the first country to develop an oil-backed cryptocurrency and to allow cryptocurrency circulation at the state level.
As was stated by the president, from October 1 government-backed cryptocurrency will be used in international transactions.
Earlier it was reported that Nicolas Maduro has ordered all country’s banks to adopt Petro as a unit of account. The sales of Venezuela’s cryptocurrency Petro started in March after presales that lasted for month.
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