Venezuela Hopes That Its Oil-Backed Crypto-Currency Will Fly

"More than two months after Venezuelan President Nicolas Maduro announced his intention to launch the world's first state-sponsored cryptocurrency to try and help Venezuela raise some badly needed foreign capital, the Petro - backed by 5 billion barrels of oil that are still waiting to be pumped out of a local oilfield - is now a reality. Venezuela first tipped its hand at its intentions over the summer, when it appointed what we believe to be the world's first "superintendent of cryptocurrency.""