Venezuela has suffered from egregious economic issues for decades. Hospitals lack necessary supplies, people are struggling to find each meal, and the national currency—the bolivar—lost 96 percent of its value in 2017. In an effort to combat Venezuela’s dire situation, its government became the first country in the world to implement a national cryptocurrency (and declare…

Petro, the cryptocurrency launched by the government of Venezuela in February 2018, is being considered by Russia as a means of international transactions, according to the Venezuelan Foreign Ministry. Venezuelan-backed Cryptocurrency Could Be Used By Russia A Russian-Venezuelan high-level intergovernmental meeting taking place in Caracas is discussing a number of issues, including bilateral cooperation in the military area,…


Time has discovered evidence to suggest that the Venezuelan oil-backed digital currency, “El Petro”, was helped into existence by Russian officials, bankers, and businessmen. It’s believed that Russia wants to use the currency as an experiment in dodging US sanctions placed against the Eastern power. Digital Currency Cannot be Controlled Like Traditional Cash Can The…


The Venezuelan government has launched a free cryptocurrency training course to teach its citizens how to buy, sell and mine digital currencies, particularly the oil-backed Petro that has been recently issued by the state, local news outlet Telesur TV reported on Saturday, Feb. 24. The opening of the “Granja Laboratorio Petro” in Caracas takes place…


  Crypto by Oil According to the Venezuelan government, the country’s cryptocurrency will launch within the next few days and will be backed by 5.3 billion barrels of oil worth $267 billion. If it seems like a drastic and sudden move, consider those dire circumstances often call for dramatic action. Venezuela is currently in the midst…