Venezuela’s national cryptocurrency, Petro, was officially launched on Monday, October 1. The coin had been announced earlier this year, and an initial coin offering (ICO) raised about $5 billion, making it the most successful ICO so far. Petro is backed by the country’s oil, gold, and mineral reserves. Despite that, several red flags have been discussed during the recent months.
The cryptocurrency is now live, with local officials saying that the coin would neutralize the threats from money mafias and black markets. Petro is ...
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