Caracas issued a cryptocurrency called the Petro in 2018, in hopes of introducing a digital payment method to circumvent US sanctions, with the token’s value to be backed by the country’s natural resources and its price tied to the price of a barrel of a Venezuelan oil. There has been no news of the Petro, however, since its launch.
enezuelan President Nicolas Maduro announced plans to digitize his nation’s economy, eliminating physical cash and relying instead on digital currencies and transactions. The move, according to Caracas, would purportedly allow the country to resolve the hyperinflation that has been destroying Venezuela’s economy for the last three years.
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