Venezuelan president Nicolas Maduro has officially launched the national cryptocurrency Petro, backed 50% by oil, 20% by gold, 20% by iron, and 10% by diamond assets. While the currency has been launched and the Petro wallet is available on Google Play, the public sale will not start until 5 November. The announcement comes as Venezuela struggles with a severe economic crisis that began in 2014 when oil prices collapsed to below US$30 per barrel. Experts remain wary, as some see the launch as a cover for Venezuela's hyperinflation.
Venezuelan president Nicolas Maduro has officially launched the national cryptocurrency Petro, backed 50% by oil, 20% by gold, 20% by iron, and 10% by diamond assets. While the currency has been launched and the Petro wallet is available on Google Play, the public sale will not start until 5 November. Maduro stated that the oil-backed currency will be available on six major crypto exchanges, though no specifics were given, and all oil purchases in and out of the country must be with Petro. Experts remain wary, as some see the launch as a cover for Venezuela's hyperinflation.