Venezuela to issue â¹37,000 cr in oil-backed cryptocurrency
Venezuelan President Nicolas Maduro has announced issuance of over $5.9 billion (â¹37,000 crore) in the country's new oil-backed cryptocurrency in coming days to fight the ongoing economic crisis. Every unit of the cryptocurrency will be equal in value to Venezuela's one oil barrel. Venezuela has the world's largest oil reserves and generates around 95% of its export revenue from oil.nn