Venezuela will launch a pre-sale of its commodity-backed “petro” cryptocurrency on Tuesday.
President Nicolas Maduro hopes the country’s own digital currency will help it to make financial transactions and get around Western sanctions.
Both the United States and the European Union have imposed economic sanctions on Venezuela over their opposition to its autocratic government. Last year, the Economist Intelligence Unit’s Democracy Index downgraded Venezuela from a “hybrid regime” to an “authoritarian regime” due to its “continued slide towards dictatorship.”
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