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.
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. Opposition figures said the new currency would be valueless if and when Maduro is voted out of office.