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8 Reasons To Avoid The Venezuelan Petro Coin

Summary

Venezuela is releasing its own cryptocurrency.

Grossly resembles other initial coin offerings.

Investors should avoid investing in this ICO.

For the original article, please see here.

Venezuela is in the process of launching its own hard asset backed cryptocurrency, called the Petro. Announced at the end of 2017, the currency is meant to, among other things, prop up Venezuela's economy as well as to break up the global financial system's reliance on American dollars.

Here's a link to the whitepaper.

For those thinking that this is a good investment opportunity, let me give a few reasons why you are wrong:

I'm staying far away from this ICO and I would recommend that you do too.