Venezuela aims for crypto alchemy with new 'petro gold' token21 Feb 2018—reuters.com
CARACAS (Reuters) - Venezuela is preparing a new cryptocurrency called “petro gold” that will be backed by precious metals, President Nicolas Maduro said on Wednesday, a day after launching an oil-backed token that has been panned as a pipe dream by blockchain experts.
Maduro is hoping cryptocurrencies will help Venezuela skirt U.S. financial sanctions as it struggles under hyperinflation and a collapsing socialist economy.
On Tuesday, he said the newly launched petro cryptocurrency raised...