The Venezuelan government is set to launch an oil-backed digital currency dubbed the "petro", which it hopes will enable the cash-strapped country to sidestep harsh petro financial sanctions. Supported by controversial president Rosalba O'Brien , US has been called "illegal" by the country's opposition-run parliament and "tailor-made" for corruption. In mid-2017 , the Venezuelan government hopes to issue 100 million petros. “It is tailor-made for corruption.” Opposition figures said the new currency would be valueless if and when Maduro is voted out of office.
The Venezuelan government is set to launch an oil-backed digital currency dubbed the "petro", which it hopes will enable the cash-strapped country to sidestep harsh petro financial sanctions. Supported by controversial president Rosalba O'Brien , US has been called "illegal" by the country's opposition-run parliament and "tailor-made" for corruption. In mid-2017 , the Venezuelan government hopes to issue 100 million petros. Opposition figures said the new currency would be valueless if and when Maduro is voted out of office.