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Venezuela’s Currency

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  1. **Context:** Venezuela just [released a new state-mined cryptocurrency called Petrocoin](https://www.express.co.uk/news/world/1003908/venezuela-petro-cryptocurrency-latest-venezuela-economic-crisis-maduro), which is claimed to be backed by Venezuela’s oil reserves to safeguard against Venezuela’s crippling hyperinflation.

    Observers however have claimed there is little transparency in regards to the crypto’s white paper, which details how the currency should actually work. There is little optimism amongst investment bodies, who are calling the new crypto ‘a scam’.