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Venezuela launches oil-backed cryptocurrency to escape economic turmoil
icolc.org � news � venezuela-terminates-petro-cryptocurrency President Nicolas Maduro launched the oil-backed cryptocurrency in because of inflation and a US embargo on Venezuelan oil. According to the Venezuelan government's document, a petro should be exchangeable for a barrel of oil. In fact, during the presale, the petro was initially.

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The Washington Post. The Washington Post economic reporter Matt O'Brien said that "The petro might be the most obviously horrible investment ever President Nicolas Maduro launched the oil-backed cryptocurrency in because of inflation and a US embargo on Venezuelan oil.

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