Venezuela launches the ‘petro,’ its cryptocurrency

CARACAS, Venezuela — Crisis-ridden Venezuela is launching an oil-backed cryptocurrency Tuesday that it hopes will help circumvent U.S. financial sanctions and resurrect the country’s moribund economy. The pre-sale of the “petro,” which will represent a barrel of crude from a specific division in the country’s Orinoco oil belt, started Tuesday morning. Investors were offered $60 “tokens” […]

Source: http://www.washingtonpost.com/blogs/worldviews/wp/2018/02/20/venezuela-launches-the-petro-its-cryptocurrency/