Venezuela Tries Its Hand at Creating a Failed Cryptocurrency

A cryptocurrency managed by the same regime that tanked the economy of a country that has vast natural resource wealth? I can’t see how this could possibly go wrong!

CARACAS (Reuters) – Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the “petro” backed by oil reserves to shore up a collapsed economy.

The leftist leader offered few specifics about the currency launch or how the struggling OPEC member would pull off such a feat, but he declared to cheers that “the 21st century has arrived!”

I’m doubting that we’ll see any technical white paper about the Petro since that would solidify implementation details and I’m guessing the Venezuelan government’s plan is to have a cryptocurrency it can change on a whim.