In a nutshell, Venezuela's President Nicolas Maduro introduced a cryptocurrency "petro" back in February. With the purpose of raising cash for the struggling economy. Maduro claimed the petro initial coin offering (ICO) raised $735 million, allowing it to back the "sovereign bolivar". Yesterday Maduro lopped five zeroes off the bolivar.
The issue is many claim the initial coin offering didn't occur and its a scam. Will not claim to know if the petro is one more scam or a salvation for Venezuela.
Where is the world of crypto going to?
Originally came across the story here:
https://www.morningbrew.com/stories/venezuela-has-a-new-crypto-backed-currency/