Musiccosmos

Venezuela is facing hyperinflation and international sanctions that have brought the economy and its people to their knees. In response, President Nicolás Maduro recently mandated that his Petro crypto will become the nation’s second official currency starting tomorrow, August 20. In relation, some believe a “post-fiat” world is emerging in the country, with both the government and local citizens increasingly looking to cryptocurrencies when fiats depreciate and lose value. Adoption of the Petro As noted by NewsBTC earlier this week, Maduro has announced the plan to tie the national currency’s exchange rate to the state-launched, oil-backed crypto the Petro — of which an increased minimum wage will be anchored to as well.  According to Maduro, who spoke in a televised address Friday, August 17, the Petro will be valued at $60, or 3,600 sovereign bolivars — this after the planned redenomination that will take five zeroes off the national currency. The minimum wage w...