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Venezuela will introduce cryptocurrency to break the financial blockade
06 December 2017, 01:07 | Darnell Patrick
Venezuela is choosing cryptocurrency over the U.S
Venezuela is to launch its own cryptocurrency to counter what it describes as Washington's "economic sabotage" in the shape of financial sanctions, the country's President Nicolas Maduro confirmed via a national broadcast.
However, other than that the President offered very few details. He outlined that the country will create a cryptocurrency, backed by oil, gas, gold, and diamond reserves.
Venezuela President Nicolas Maduro speaks during his weekly radio and TV broadcast on December 3, 2017.
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President Maduro's announcement comes after the recent drastic growth of bitcoin. Hitherto cryptocurrencies have not been backed by any government or central bank. The currency has lost 96% of its value this year.
Maduro's administration does not have a brilliant history in financial policy.
Excessive money printing and state currency controls have contributed to a 57 percent depreciation of the bolivar against the American dollar in the last month in black markets, according to Reuters. That has dragged down the monthly minimum wage to a mere $4.30 (3.2 pounds).
"The Maduro dictatorship continues to deprive the Venezuelan people of food and medicine, imprison the democratically-elected opposition, and violently suppress freedom of speech", Trump said in a statement. The decision was taken after Caracas November 12, missed the deadline for the payment of $ 200 million for two long-term loans, and Vice-President of Venezuela, Tarek El-Issam at the meeting with worldwide lenders have not offered any way out of financial difficulties.
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