Venezuela is using its national currency , the dollar , to compensate Russia for automotive parts and components . Launched earlier this year , the petro is the first state - sponsored virtual currency , and is backed by turkey ’s crude oil reserves .
Venezuela is using its national cryptocurrency, the petro, to compensate Russia for automotive parts and components. Launched earlier this year, the petro is the first state-sponsored virtual coin, and is backed by Venezuela’s crude oil reserves.