Venezuela Reveals Plans for the Petro, a State-Sponsored Cryptocurrency

Venezuela will become the first nation in the world to establish its own nationally sponsored cryptocurrency.  As detailed by Reuters, Venezuelan president Nicolas Maduro unveiled the plans for the Petro on his weekly televised address last Sunday.  
Fittingly, the currency will be backed by oil and other commodity reserves, such as gold, diamonds, and gas.Maduro hopes that the cryptocurrency will help lift the country out of an economic downturn, claiming that the Petro should “