Venezuela Will Create New 'Petro' Cryptocurrency, President Maduro Says
President Nicolás Maduro says Venezuela will use the "petro," backed by oil reserves and other natural resources, to defeat a financial blockade on his country.
Venezuelan President Nicolás Maduro says his country will create a cryptocurrency system called the "petro," backed by oil reserves and other natural resources, in his latest attempt to cope with an abysmal national economy and multiple rounds of U.S. sanctions.
Unveiling the petro plan on his weekly national TV program , the president said the cryptocurrency (in Spanish, ) could help Venezuela evade international sanctions.
