Hyperinflation in Venezuela Current Affairs, GK & News

Venezuela launches new virtual currency “Petro”

Venezuelan President Nicolas Maduro launched a crypto-currency “Petro” to advance issues of monetary sovereignty, make financial transactions and overcome the financial blockade. Beside this, Petro will also circumvent US-led financial sanctions. The digital currency will be backed by Venezuelan reserves of gold, oil, gas and diamonds.

Topics: 

Venezuela orders 100-unit banknotes out of circulation

Venezuela’s President Nicolas Maduro has signed an emergency decree ordering the 100 bolivar bill, the country’s largest banknote, out of circulation in the next 72 hours. This move has been taken to thwart mafias from hoarding cash in Colombia. Investigations conducted by Venezuelan agencies have found that billions of bolivars, in bills of 100, were ..

Topics: