“Leftist President Nicolas Maduro is hoping to capitalize on the success of cryptocurrencies by creating one for Venezuela as the bolivar plunges to all-time lows and the country struggles with hyperinflation. Critics decry the petro as simply a way for the cash-strapped government to issue debt without being constricted by U.S. sanctions. But the U.S. Treasury last week warned that Americans engaging with the petro could still find themselves in violation of those sanctions. Many in Venezuela have used cryptocurrencies in recent years to evade strict currency controls.”
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