Venezuela launches new virtual currency called Petro

Last Updated: December 5, 2017

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Venezuela launches new virtual currency called Petro
05 December 2017 Current Affairs: Venezuela launched its own cryptocurrency called Petro to circumvent US-led financial sanctions. It will be backed by the country’s vast natural resources.
Venezuelan President Nicolas Maduro approved the creation of BlockchainBase observatory to oversee development and rollout of new cryptocurrency.
The main aim to help Venezuela to advance in issues of monetary sovereignty, to make financial transactions and overcome financial blockade.
Crypto Currencies or Virtual Currencies are the type of unregulated digital money that is neither issued by central bank/public authority.

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