‘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.

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

Al Jazeera’s Daniel Schweimler reports from Caracas.