Venezuela Launches New Virtual Currency Named Petro

Venezuelan President Nicolas Maduro has announced the creation of a new virtual currency named ‘Petro’ in a bid to ease the country’s economic crisis.

The Petro would be backed by Venezuela’s oil, gas, gold and diamond wealth.

About Cryptocurrency in Short-
Crypto Currencies or Virtual Currencies are type of unregulated digital money that is neither issued by central bank/public authority nor is necessarily attached to fiat currency but is used and accepted among the members of the specific virtual community.
Static/Current Takeaways Important for RBI Assistant Mains 2017 Exam-
  • Venezuela Capital- Caracas, Currency– Venezuelan bolivar.
Source- BBC