Tuesday 4 February 2020
Petro, the cryptocurrency pet project from Venezuelan President’s Nicolas Maduro, is causing headaches for the country. Retail stores in Venezeula are protesting the Petro by refusing to accept it as a payment method, local news reports. Retailers say that no supplier accepts the “cryptocurrency,” which means vendors have to exchange it for fiat. [Read: Maduro’s Petro cryptocurrency will be an official currency in Venezuela — like the Bolivar] Ordinarily this wouldn’t be too much of a problem, but because of Venezuela‘s wild hyperinflation, it’s putting vendors in a very tight spot. The Bank of Venezuela rolls the conversion rate from…
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