“Petro” Cryptocurrency Declared Illegal By Venezuela’s Congress

News | January 11, 2018 By:

Venezuela’s opposition-run congress, the Asemblea Nacional, has outlawed president Nicolas Maduro’s oil-backed cryptocurrency, called the “Petro.”

The cryptocurrency was first announced at the beginning of December to help combat the US’ “blockade” against  Venezuela. At the time, Maduro said it will enable the country to advance in monetary sovereignty and carry out its transactions to overcome the financial blockade.