OPEC member Venezuela will be launching a state reserve backed cryptocurrency called Petro. It will be backed by over 5 billion barrels of oil. Other reserves will also be used such as gold, gas, and diamonds. Can this be a way out against US-led international political and economic sanctions?
The Venezuelan bolivar is practically worthless. A 100,000 bolivar note was issued which is only worth $1.00...will Venezuela be able to enter back into the global economy and uplift the country from economic ruins caused by crippling recession and rampant corruption?
