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Venezuela on Fire: How Maduro's Petro Plan Failed to Bail Out the Country | | Cryptocurrency news. Breaking news on cryptocurrency.
As Venezuela enters the crucial part of a political crisis, we decided to trace the fate of the Petro — the national cryptocurrency that seemingly failed to save country's economy. Venezuelan leader Nicolas Maduro was sworn in for a second term on Jan. 10, amid tremendous hyperinflation, long-lasting political and economic crisis, and strict sanctions imposed by its former partner and oil purchaser: the United States.Since Maduro first took office in 2013, Venezuela has faced several brutal riots, including the "Mother of All Marches" in 2017 and the Caracas helicopter attack in the same year, and the current crisis is very likely to be the last for the regime. We decided to look into the last six years for Venezuela and the fate of the Petro — a national cryptocurrency that was founded to save the agonizing economy, but eventually caused even more resentment.The legacy of Hugo ChavezHugo Chavez, a seemingly irreplaceable Venezuelan leader, who was in power since 1999, passed away