Venezuela asks other countries to adopt oil-backed cryptocurrency

Venezuelan President Nicolas Maduro has called for other countries to adopt the oil-backed cryptocurrency Petro, tipped as a way out of the country's economic crisis. Back in December, Maduro unveiled the cryptocurrency, which is backed by the country's oil reserves, as well as gas and precious metals. The president said that Petro would provide an avenue to "advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade." More…