Maduro raises the price of ‘el petro’ despite no functioning wallet

Late last week, Venezuela’s President Nicolas Maduro ordered a hike in the value of the country’s state-sponsored cryptocurrency ‘el petro.’
In an announcement on Thursday, President Nicolas Maduro ordered that the price of one petro be increased from 3,600 sovereign bolivars to 9,000. This move came with a 150 percent wage hike, the sixth such hike of the year as the Venezuelan economy continues its disastrous negative spiral.
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