Venezuela plans to create cryptocurrency

The Venezuelan president has announced plans to create a Petro cryptocurrency backed by oil, gas, gold and diamond reserves.

President Nicolas Maduro said the “Petro” will help combat the US’s blockade against oil-rich Venezuela. Maduro said in his regular Sunday televised broadcast that the Petro will allow Venezuela to move toward new forms of international financing. Venezuela owes an estimated 140 billion USD to foreign creditors and economics suggest Maduro is looking to try to pay them with Petros.

Source: VOV5