petro
Latest
Trump bans Venezuelan cryptocurrency in the US
Back in December, President Maduro of Venezuela tried something new to outmaneuver his country's economic disarray and sanctions imposed by the US and other nations: Invent a new cryptocurrency. The 'petro,' as it's called, would be supported by the country's natural resources -- specifically, that each token would be backed by a barrel of oil. Whether or not it was on track to help stabilize Venezuela, Trump just issued an executive order banning use of the currency within the United States.
Venezuela will start its own digital currency to beat sanctions
The authoritarian streak of Venezuela's recent leaders has cost the country dearly. Mismanagement and sanctions have crippled its infrastructure, its money is increasingly worthless and the public is fuming. President Maduro thinks he has a solution, though: creating the country's own cryptocurrency. The "petro" will be backed by Venezuela's key natural resources (diamonds, gas, gold and oil) and, in theory, will help it get around the "financial blockade" imposed by the US and other nations.
