Melford Nicholas: Cryptocurrencies Come With Risks

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Thursday 1st March, 2018 – Information Minister and Cabinet spokesperson Melford Nicholas is of the view that Venezuela’s launch of a new Cryptocurrency, the Petro, can turn out to be a positive move for the government of President Nicholas Maduro.

According to the BBC, Venezuela, which is facing tough economic sanctions from several countries including the United States, launched The “Petro” with the intention “to bolster the country’s crumbling economy, which has been suffering from hyperinflation and devaluation for years.”

Speaking on the introduction of the new currency, Minister Melford Nicholas noted that what will determine its success is whether trading partners find favour with it.

For Antigua and Barbuda’s part, Nicholas says there are risks involved in adopting the use of Cryptocurrencies, risks that cannot be ignored.