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Fighting hyperinflation with a state-backed cryptocurrency. What could possibly go wrong?
What happens when an authoritarian regime that controls every aspect of an economy creates a currency based on decentralization, free movement, and transparency? This is the explosive true story behind the world's first state-backed cryptocurrency.
A country-wide crypto experiment gone wrong<p>How many state governments do you know who'd put their faith in a <a href="https://www.kaspersky.com/resource-center/definitions/what-is-cryptocurrency" target="_blank">cryptocurrency</a> to level out hyperinflation and stop nation-wide riots? Not many, probably. And yet, that's exactly what Venezuala did to reinvigorate its economy amid<a href="https://www.forbes.com/sites/garthfriesen/2018/08/07/the-path-to-hyperinflation-what-happened-to-venezuela/?sh=651b564d15e4" target="_blank"> financial carnage</a>. Truthfully though, they didn't do too many of the hard yards. Instead, they supported entrepreneur Gabriel Jimenez to create the petro (₽), or petromoneda – the world's first state-backed cryptocurrency.</p> <p>But as you can expect, when an authoritarian regime meets tech based on decentralization, there will be fireworks. As part of Tomorrow Unlocked's <a href="https://www.youtube.com/watch?v=x77aEP9hs4U&list=PLCIzhnLJonIZVYIc4m_LwQIOfCO_W36Eb&ab_channel=TomorrowUnlocked" target="_blank" rel="noopener noreferrer">Coded series three</a>, (<a href="https://www.freethink.com/shows/coded/season-3/venezuela-cryptocurrency" target="_blank" rel="noopener noreferrer">now launching on Freethink</a>) episode four focuses on entrepreneur and crypto-expert Gabriel Jimenez's journey from national hero to enemy of the state. Brace yourself for this one. </p>
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