Venezuela to launch ‘petro’, a cryptocurrency backed by oil and other reserves

The country of Venezuela has been mired in economic crisis for years. Now, its government is turning to cryptocurrency in hopes of turning things around.

Venezuela’s president has teased the launch of the “Petro,” a new digital cryptocurrency that would help the country “advance in issues of monetary sovereignty, to make financial transactions, and overcome the financial blockade,” according to Reuters. 

The motivation for Venezuela President Nicolás Maduro to launch a second currency isn’t surprising. Venezuela’s economy has been collapsing. The nation faces rampant inflation, huge debt, and strict sanctions imposed by the U.S. Meanwhile, cryptocurrencies like bitcoin have skyrocketed in value.  Read more…

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