It was a surreal scene in an increasingly surreal country. Three prominent cryptocurrency proponents turned up at a forum at Venezuela’s central bank in late December, extolling the virtues of digital tokens as a way for the beleaguered country to fix its broken economy.
Even for a government known for magical thinking, the idea was pretty rich: By starting the world’s first sovereign cryptocurrency, Venezuela could overcome its dire economic problems, from soaring inflation to cratering economic growth and perhaps the biggest drag of all, a raft of U.S. sanctions cutting it off from the global financial system.
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