Petro: Venezuela’s own oil cryptocurrency launched

Feb 21, 2018, 6:37 AM EST
(Source: Tradercliq/flickr)
(Source: Tradercliq/flickr)

Venezuela, reeling with a moribund economy and skyrocketing inflation, has launched its own oil-backed cryptocurrency “Petro,” as it seeks to raise cash to repay $150 billion of foreign debt.

President Nicolas Maduro hailed the step as a “great solution to great problems,” announcing the successful launch of the project that managed to raise $735 million dollars on the first day, writes The Washington Post.

The currency, aimed at circumventing the tough U.S. sanctions on Venezuela, is currently valued at $60 with the government’s plan to sell 100 million Petros, reports the BBC.