News Worms
News Worms


Maduro to Create Venezuelan Cryptocurrency 'To Overcome the Financial Blockade'

Maduro to Create Venezuelan Cryptocurrency 'To Overcome the Financial Blockade'

Maduro, who took office in 2013 and has presided over the aggravation of the socio-economic crisis, said that the cryptocurrency would help the country overcome the financial "blockade", according to a statement published on the government's official website.

Without offering specifics as to how or when the currency would launch, Maduro added it would help Venezuela "advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade". Bitcoin, the world's largest digital currency, hit new highs last week, and Maduro declared that his plan will counteract the economic disaster that is befalling the Venezuelan bolivar, which has experienced hyperinflation as the country's economy has collapsed.

Venezuela will create a new cryptocurrency backed by oil reserves and other natural resources, President Nicolas Maduro said. It is an attempt to cope with a failing national economy and circumvent USA sanctions.

Maduro blames his country's economic woes on a conspiracy to overthrow him combined with US economic sanctions, but he intends for a new petrocurrency to overcome those sanctions.

The announcement came as a surprise to some of the followers of cryptocurrencies, as conventional cryptocurrencies are not backed by governments or central banks.

Maduro's government has a poor track record in monetary policy.

Over the past year, the Venezuelan bolivar has plummeted 95.5 percent against the dollar on the black market. That has dragged down the monthly minimum wage to a mere $4.30 (3.2 pounds).

The announcement was derided by the opposition leaders.

For the millions of Venezuelans plunged into poverty and struggling to eat three meals a day, Maduro's announcement is unlikely to bring any immediate relief.

According to opposition leaders and economists, Maduro, who was previously a union leader and bus driver, has carelessly refused to alter Venezuela's restrictions and curtail the severe economic meltdown.

He could now be seeking to pay bondholders and foreign creditors in the currency amid a plan to restructure the country's major debt burden, opposition leaders said, but the plan is likely to flop.

follow

editors' picks

December 06, 2017
Young man meets 81-year-old he befriended on 'Words with Friends'
Butler then chose to bring the two together, coordinating the meeting and flying down to Florida with Sleyon. Here's to Sleyon, Guttman and great friendships-and all of the unlikely places from which they spring.

December 06, 2017
Kevin Durant Ejected For 3rd Time In 18 Games
Curry finished with 31 points, hitting five triples, and 11 assists for the Warriors (19-6), winners of four straight games. We're getting way too emotional". "I love making money for my family, so I'm not trying to get suspended".

December 06, 2017
Supermoon lights up the sky
Supermoons happen when the full moon coincides with the moon's pedigree, or the point its orbit comes closest to the Earth. The same is true of mini-moons which are when the full moon occurs at or near lunar apogee.

December 06, 2017
Conyers announces retirement amid sexual harassment allegations: 'My legacy can't be compromised'
The RealClearPolitics average has him up by 1.5 points in the polls, and many-but not all-signs point to his winning the seat. Ian Conyers, the grandson of Conyers's brother, plans to run for his seat, setting up an intra-family contest.

December 05, 2017
Netflix resuming production of last season of House of Cards
Spacey has said that he owed Rapp "the sincerest apology for what would have been deeply inappropriate drunken behavior". The political drama was put on hold in the wake of sexual harassment allegations against the Oscar-winning actor.

December 05, 2017
Florida soccer coach 'influenced' missing teen, will be extradited to Florida
The soccer coach is being held at Onondaga County Justice Center, the extradition hearing scheduled for Monday. "It's been hard . Police said they found footprints outside of the teen's home, and she appears to have left through a window.

December 05, 2017
United States defense chief lands in Pakistan as ties between allies fray
Qamar Bajwa and the director general of the Inter-Services Intelligence agency, Lt. The secretary also met with Chief of Army Staff Gen.

December 05, 2017
Malta arrests 10 over Caruana Galizia auto bomb murder
Malta has a reputation as a tax haven in the European Union and has attracted companies and money from outside Europe as well. Television reported that Caruana Galizia had filed a complaint to the police two weeks ago to say she had received threats.

December 05, 2017
NY AG Calls for Probe, Delayed Net Neutrality Vote
The basis for this request comes from mounting evidence that a portion of the FCC's 22 million public comments regarding Title II regulations may have been fake.

December 05, 2017
Shashi Kapoor Dead: Fans Confuse Film Legend For Shashi Tharoor
He said that his films like Sharmilee , Kabhi Kabhi, Kala Patthar, Deewar , Satyam Shivam Sundaram and Trishul were very popular. Two minutes silence was observed at Delhi International Film Festival to pay homage to the veteran actor on his demise.