PETRO : the first state-backed cryptocurrency.
Venezuela has recently launched the first-ever state-backed cryptocurrency – the PETROMONEDA, or PETRO as it is more commonly known. It is claimed to be backed by the country's oil reserves (some of the largest in the world) and its price is anchored to the price of a barrel of Venezuelan black gold in a bid to nip any raging volatility in the bud.
This is a companion discussion topic for the original entry at https://www.bestbrokers.co.uk/blog/2018/02/27/petro-the-first-state-backed-cryptocurrency/