//Venezuela's President Is Creating An Oil-backed Cryptocurrency

Venezuela's President Is Creating An Oil-backed Cryptocurrency



The socialist leader said the state would issue “petros,” a new cryptocurrency backed by the country’s oil supply. Venezuela faces hyperinflation, political turmoil and massive debt, but has the world’s largest crude oil reserves. SEE MORE: Peter Thiel’s Venture Capital Company Is Apparently Big Into¬†…

Source: Venezuela’s President Is Creating An Oil-backed Cryptocurrency