‘Petro’-bolivar: Venezuela to launch oil-backed cryptocurrency

Venezuela is launching a cryptocurrency backed by oil, gas, gold and diamonds. President of Venezuela Nicolas Maduro announced on Sunday the launch of the “petro” backed by oil reserves to try and alleviate an economic crisis and food shortages.

by

    Venezuela is launching a cryptocurrency backed by oil, gas, gold and diamonds.

    President of Venezuela Nicolas Maduro announced on Sunday the launch of the “petro” backed by oil reserves to try and alleviate an economic crisis and food shortages.

    Venezuelans suffer one of the world's highest inflation rates and bank notes are almost worthless.

    Al Jazeera's Daniel Schweimler reports from Caracas.


    YOU MIGHT ALSO LIKE

    Survivor stories from Super Typhoon Haiyan

    Survivor stories from Super Typhoon Haiyan

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    Thou Shalt Not Kill: Israel's Hilltop Youth

    Thou Shalt Not Kill: Israel's Hilltop Youth

    Meet the hardline group willing to do anything, including going against their government, to claim land for Israel.