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 US financial sanctions. That has effectively blocked Maduro’s government from refinancing its hefty debt burden, and would likely add to investor concern about the petro, although it was not specifically mentioned in the sanctions measure. Supported by controversial president Nicolas Maduro, petro has been called "illegal" by the country's opposition-run parliament and "tailor-made" for corruption. In the coming weeks, the Venezuelan government hopes to issue 100 million petros. Bitcoin was created in 2009 as a way of bypassing banks that were reluctant to work with bitcoin.
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 US financial sanctions. Supported by controversial president Nicolas Maduro, petro has been called "illegal" by the country's opposition-run parliament and "tailor-made" for corruption. In the coming weeks, the Venezuelan government hopes to issue 100 million petros. Bitcoin was created in 2009 as a way of bypassing banks that were reluctant to work with bitcoin.