Mubasher: Venezuela is expected to launch its own cryptocurrency within days.

 

The new digital currency will be backed by 5.3 billion barrels of oil worth $267 billion.

 

After it was reported that Venezuela considers using bitcoin to bypass the heavy economic sanctions and the high inflation that has crippled its currency, President Nicolas Maduro announced earlier this month that a new cryptocurrency named "Petro" will be backed the country’s oil, gas, gold and diamond reserves.