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Venezuela launches the 'petro,' its cryptocurrency

CARACAS, Venezuela — Crisis-ridden Venezuela is launching an oil-backed cryptocurrency Tuesday that it hopes will help circumvent U.S. financial sanctions and resurrect the country’s moribund economy. The pre-sale of the “petro,” which will represent a barrel of crude from a specific division in the country’s Orinoco oil belt, started Tuesday morning. Investors were offered $60 “tokens” […]
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