Venezuela's Bitcoin: Is the cryptocurrency called 'petro' a damp squib?

Venezuela's Information Minister Jorge Rodríguez said at a press conference on state television at the end of the year that it was a question of a few days before the Venezuelan government would be spending its own cryptocurrency for the first time. The program is called "petro": The value of each unit of currency is to be covered by one barrel of crude oil. In addition, President Nicolas Maduro said in his weekly television show "Sundays with Maduro" that other commodities such as gold, diamonds and gas would serve as security. If "petro" were to be launched in this form in January, it would arguably be the first cryptocurrency whose value would be covered by raw materials. It would also be the first cryptocurrency to be issued by a state. This would make petro a novelty in two respects. The Venezuelan government is already celebrating its role as a pioneer. More…