ALTERNATIVE SETTLEMENT SYSTEMS

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Analysts from the Brookings Institution (USA) consider cryptocurrency El Petro as a disturbing phenomenon. In their opinion, the cryptocurrency in Venezuela was created to counteract economic sanctions. Recall, December 3, 2017, the President of Venezuela, Nicolas Maduro announced the creation of their own cryptocurrency called El Petro, provided with reserves of natural resources. During the presale of the national cryptocurrency, $5 billion was collected from 186 customers. With the help of blockchain technology, Venezuela intends to strengthen economic relations in the sphere of international settlements with major trading partners.

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