Venezuelan President announces 'Petro' Oil-backed cryptocurrency

Venezuelan President Nicolas Maduro announced on Sunday the launch of the “petro” backed by oil reserves to rescue a collapsed economy, as reported by Reuters.

Maduro said in his regular Sunday televised broadcast: “Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves, adding that this would help Venezuela “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”