Startup Launches Bitcoin-backed Cryptodollar to Fight Inflation in Venezuela
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April 24, 2020

Colombian startup Valiu has just launched a synthetic coin backed by Bitcoin to help Venezuelans fight inflation in the country.

The new cryptodollar will be used by the country's citizens to make payments and remittances and avoid the devalued Venezuelan bolivar.

Valiu, which is still working in the early stages of the project, has teamed up with the food delivery app Rappi in order to access its huge user base when the currency is deployed, which should happen later this year.

According to the company, these synthetic dollars, which are backed by Bitcoin, will be stored in a mobile wallet and can be exchanged between users without any fee.

The developers of the project claim sending cryptodollars will be really easy. They have published a video in which they show how the process does not take more than 30 seconds.

The economic situation in Venezuela is really serious. Thus, in order to pay for some few basic products Venezuelans must spend their whole monthly salary.

The government launched the Petro in 2018, a national oil-backed crypto in an attempt to improve the country's situation and bypass international sanctions.

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