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Venezuela announces to launch several Petro backed funds to revive economy – Petro News

The petrol stations across Venezuela will sell gasoline at a reduced price in exchange for the country's state-issued, oil-ba
The petrol stations across Venezuela will sell gasoline at a reduced price in exchange for the country’s state-issued, oil-backed cryptocurrency, the Petro.

Venezuela has been going through one of the worst hyperinflations in history. President Nicolas Maduro recently announced to launch several petro backed funds to boost the country’s economy. The funds would also include agricultural and industrial developments. These petro-backed funds would be used to trade in the international market as the country is facing various sanctions.

Maduro announced one million petro for agricultural development, over 600,000 Petros for industrial inputs and machinery, while 4 million Petros were dedicated to the telecommunications sector. Along with these, Maduro also assigned 9 million euros in Petro for 70 national road works projects.

Earlier the hyperinflation-hit country announced to build a payment method based on bitcoin. It is also speculated that the country has kept an undisclosed amount of bitcoins and Ethereum as international reserves. Maduro stated that these funds would be backed by fiats, such as U.S dollars or euros, or it’s equivalent in Petros. However, the President did not elaborate on the subject matter.

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