Venezuela News

Venezuela is a country suffering from an oppressive regime led by president Nicolas Maduro that has seen the currency, the bolivar, suffer from hyperinflation. This has led to citizens turning to cryptocurrency as a more stable alternative, which the government has tried to clamp down on. Maduro launched a sovereign cryptocurrency, the Petro, in 2018, and has tried to force citizens to adopt it. It is an ongoing test case for cryptocurrencies, with citizens using it in place of the broken fiat currency and flawed sovereign token, while the government is using it to evade sanctions.