With Venezuela suffering one of the most severe economic
collapses of modern times, the beleaguered administration of President Nicolás
Maduro announced on Tuesday that it had begun a presale of virtual currency
backed by the nation’s vast petroleum reserves. The government, which had
announced plans for the new digital currency late last year, said the
initiative was a response to a financial crisis marked by a profound
devaluation of the national currency, the bolívar, and quadruple-digit
inflation. The country is suffering desperate scarcities of food and medicine,
soaring crime rates and the collapse of public services and the health system.
The crisis has driven hundreds of thousands of Venezuelans to flee the country
seeking a better life. More…
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