2601, 2020
Venezuelan oil buyers wary of Petro payments
Venezuela's Petro digital currency remains mired in controversy. To add to the country’s economic worries some oil buyers have reportedly halted purchases in fear of violating U.S. sanctions.
2901, 2018
An oil-backed cryptocurrency? Introducing Venezuela’s ‘Petro’
On December 3, 2017, Venezuelan president Nicolas Maduro announced plans to create a national cryptocurrency called the ‘Petro’ that will be backed by the country's natural resources, most notably its substantial oil reserves. Currently, Venezuela is facing US government led sanctions that make moving money through international banks difficult — and Maduro believes a government-backed cryptocurrency will allow the Venezuelan government to regain control over its finances.
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