Venezuela making oil backed cryptocurrency as its economy implodes

Venezuela is creating its own “petrocurrency,” backed by reserves in oil, gas, gold and diamonds. It will enable Venezuela “to advance in monetary sovereignty, carry out its financial transactions to overcome the financial blockade,” Maduro said.

The black market rate for one dollar weakened to 103,000 bolivars on Friday compared with 10,000 at the end of July, according to dolartoday.com, a website that tracks the data. The International Monetary Fund sees Venezuela’s economy shrinking 12 percent this year and annual inflation rising beyond 2,300 percent in 2018.

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