THE VENEZUELAN government has launched a crypto-currency whose exchange rate is linked to global oil prices and which is backed by the country’s plentiful oil reserves.

The ‘Petro’ is the first state-backed virtual currency. Only the Venezuelan government can issue credits (it is ‘pre-mined’ in crypto-currency jargon). Online presales are now available and the government plans to launch the Petro on global digital currency exchanges during April. See



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