Venezuela has become the latest country to adopt a digital currency. The new Digital Bolivar is available as paper money but can also be used over SMS to facilitate payments for goods and services.
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Following a similar move from its ally Venezuela, the Cuban government is exploring the use of cryptocurrency to sidestep harsh US sanctions that have taken a heavy toll on its economy.
The Venezuelan state-sponsored cryptocurrency, the Petro, will be offered in a pre-sale to investors tomorrow. The Petro is an attempt for the country to try and deal with various economic woes.
The Venezuelan government has announced that its new cryptocurrency, the Petro, will be launching in the next few days. The government has dedicated the Ayacucho oil reserve to back the Petro.
Citing a need to fight against a US-imposed financial blockade, Venezuela's president has declared that the country will launch its own cryptocurrency backed by the country's natural resources.
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