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14 December 2017
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Maduro summons cryptocurrency to tackle inflation

04 December 17 - RE+D Magazine
Maduro summons cryptocurrency to tackle inflation

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IBI Group

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ETAD.A.E.

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Antulio Richetta

Director IBI Group
The black market rate for one dollar weakened to 103,000 bolivars on Friday compared with 10,000 at the end of July, according to dolartoday.com, a website that tracks the data.

 

According to Bloomberg, the International Monetary Fund sees Venezuela’s economy shrinking 12% this year and annual inflation rising beyond 2,300% in 2018.

In an effort to tackle his country’s devastating situation Venezuela’s President Nicolas Maduro announced his nation would create its own “petrocurrency,” backed by reserves in oil, gas, gold and diamonds.

It will enable Venezuela “to advance in monetary sovereignty, carry out its financial transactions to overcome the financial blockade,” Maduro said.

“This will allow us to advance toward new forms of international financing for the country’s social and economic development,” he said.

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