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."
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