CNBC | Venezuela is launching a cryptocurrency backed by oil, gas, gold and diamonds CNBC 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 leftist leader offered ... Enter the 'petro': Venezuela to launch oil-backed cryptocurrency Foreign oil companies in Venezuela feel the strain - Financial Times Venezuela Is Losing Its Best Oil Buyer |