August 20, 2018

An oil-backed cryptocurrency? Introducing Venezuela’s ‘Petro’

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On December 3, 2017, Venezuelan president Nicolas Maduro announced plans to create a national cryptocurrency called the ‘Petro’ that will be backed by the country’s natural resources, most notably its substantial oil reserves. Currently, Venezuela is facing  US government led sanctions that make moving money through international banks difficult — and Maduro believes a government-backed cryptocurrency will allow the Venezuelan government to regain control over its finances.