Anything in the crypto world is. But it’s a special case with the Petro, the new cryptocurrency sanctioned by Venezuela’s government and designed to boost the bolivar, the country’s ...

Its official target was Venezuela, specifically the country’s plan to create the world’s first state-backed cryptocurrency, the petro, which went on sale Tuesday. But behind the scenes ...

The first cryptocurrency officially launched by a government, the petro aims to offer a more stable option and may serve as an experiment for countries such as Russia. Moscow also faces U.S ...

Earlier this year, Venezuela unveiled a national cryptocurrency – the petro – to circumvent those sanctions. The idea was to enable transactions in currencies other than the US dollar.

Mr. Maduro had just announced a national cryptocurrency called the Petro. Mr. Jiménez threw open his laptop and found a video of the president, in his usual workman’s shirt, telling a whooping ...

Venezuelan President Nicolás Maduro says his country will create a cryptocurrency system called the "petro," backed by oil reserves and other natural resources, in his latest attempt to cope with ...

The petro is not innovative. It is not backed by anything. If it is a cryptocurrency—early indications suggested it wasn't, while subsequent descriptions are just confusing—it's a worthless one.

But its value will also be tied to the petro, a state-funded cryptocurrency that launched back in February (the previous bolivar was loosely tied to the U.S. dollar). This change won't do much to ...

Unlike traditional state-issued currencies, Venezuela’s petro could be obtained and spent on goods around the world as easily as bitcoin or any other cryptocurrency. Imagine buying a loaf of ...

The order refers to the Petro, a state-backed cryptocurrency which was first announced in December 2017. Venezuelan President Nicolas Maduro revealed the cryptocurrency, touting the Petro as a way ...

Venezuela has officially terminated its Petro cryptocurrency. Launched in 2018, the oil-backed digital currency was once touted by President Nicolás Maduro as a solution to the country’s ...

Those quotes, though, come from Nicolás Maduro – notoriously hardline ruler of Venezuela – who revealed plans to launch the country’s first national cryptocurrency Petro back in February.