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Venezuela has officially launched the sale of its commodity-backed cryptocurrency, the petro.

The coin is meant to be a workaround to avoid sanctions against Venezuela's official currency, the bolivar, which has been rocked by hyperinflation.

Here's what you need to know in crypto today:

Elliott Management, a $34 billion hedge fund, described cryptocurrencies as 'one of the most brilliant scams in history' in a brutal takedown

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