Venezuela just ‘linked’ the newly created sovereign bolivar to its terrible cryptocurrency

You know you’re in trouble when your only hope for stability is something as notoriously unstable as cryptocurrency. And yes, Venezuela appears to be very much in trouble.  

According to Bloomberg, Venezuelan President Nicolas Maduro announced on Friday that he intended to link a new national currency, the sovereign bolivar, to a cryptocurrency of his own government’s making — the Petro. This is the first case of a government tying its economic fortunes so closely to that of any digital currency, and suggests a possible exit path for a country ravaged by hyperinflation. 

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