Venezuela to launch oil-backed cryptocurrency

[dietmarfritz59]

https://www.reuters.com/article/us-venezuela-economy/enter-the-petro-venezuela-to-launch-oil-backed-cryptocurrency-idUSKBN1DX0SQ

This article talks about how Venezuela is going to launch an oil-backed cryptocurrency. How do you think this will affect the market?

[Falgorn]

Venezuela is going to issue its own crypto currency "petro", which will be supported by gold and oil. This is an unusual project, because, as a rule, crypto currency is not provided and exists only due to the demand for it. The diversity in the forms of the existence of the crypto currency is very important for us, because only in this way can we find ways to improve it.