For Sale: Petro, Venezuela's Supposedly Oil-Backed Digital Currency

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Tue, 02/20/2018 - 20:55
Alex Dovbnya
Cover image via U.Today

Venezuela’s new digital currency, the Petro, is officially for sale. The Venezuelan government is offering 82.4 mln Petros, each supposedly worth $60. US residents should be careful, though, as the government has previously stated that anybody who buys the digital currency is helping Venezuela avoid sanctions and could be subject to penalties. There is also no guarantee that the country, plagued by hyperinflation of its national currency, the Bolivar, won’t simply create new Petros.

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