Venezuela’s government has announced a plan to release a cryptocurrency backed by 5.3 billion barrels of oil worth $267 billion. According to reporting by CNBC, “President Nicolas Maduro surprised many earlier this month when he announced the “petro” cryptocurrency, to be backed by OPEC member Venezuela’s oil, gas, gold and diamond reserves.”
Industry insiders are skeptical of the plan, but the Venezuelan government clings to hopes that this move will keep a collapse of their currency at bay.
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