President Nicolas Maduro of Venezuela has announced the creation of a new national digital currency the Petro. He believes that this cryptocurrency will fight off the effects of the US-led sanctions. The economic situation in Venezuela is in total freefall. The once-prosperous South American nation has descended into chaos over the last few years as the central government has become more authoritative. The national currency the bolivar has fallen in value by a staggering Read More The post Venezuela Launching Oil-Backed Cryptocurrency the Petro! appeared first on Bitcoinist.com. via ICGO https://www.icgo.co.uk/redirect/?url=http://bitcoinist.com/venezuela-launching-oil-backed-cryptocurrency-petro/