President Nicolas Maduro said on Sunday that Venezuela will launch a cryptocurrency to combat what the leftist leader says is a financial “blockade” against the crisis-hit nation spurred by U.S. sanctions.
Maduro said the OPEC member’s new currency, “petro,” will be backed by natural resources reserves although he did not provide details on the logistics of its roll-out.
The number 1 problem in Venezuela is Maduro, not lack of food or money. Maduro's socialist program is what created hyperinflation.
Venezuela Hyperinflation Hits 4,000%
Mike "Mish" Shedlock