The Presidential Daily Brief

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    Venezuela’s Maduro Proposes Creation of New Digital Currency

    Your bolivars are no good here. The value of Venezuela’s currency has taken a nosedive after an economic crisis, government mismanagement and the “financial blockade” of U.S. sanctions. To combat that slide, President Nicolas Maduro has announced plans for a new cryptocurrency, the “petro,” backed by commodities like oil and gold, as a way to skirt sanctions and “advance in monetary sovereignty.” The IMF predicts Venezuela’s annual inflation will exceed 2,300 percent in 2018 — and Bitcoin, which hit a high of $11,434 last week, is growing in popularity there.

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