Reuters | Enter the 'petro': Venezuela to launch oil-backed cryptocurrency ... Reuters CARACAS (Reuters) - Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the “petro” backed by oil reserves to shore up a collapsed economy. The ... Venezuelan President Announces 'Petro' Oil-Backed Cryptocurrency Foreign oil companies in Venezuela feel the strain Venezuela Maduro Gains Control Over Oil Contracts Amid Purge |