Antithetic government-backed cryptocurrencies were
bound to arrive sooner or later, and Venezuela seems
to be leading the charge with the Petro (its own token
launched on the NEM blockchain). With a pre-sale
earlier this year to draw in foreign investors, it has not
escaped significant controversy, both nationally and
internationally (Trump placed a ban on the trading
of the Petro).
Maduro announced its plans for the currency on the
20th of August, which would include the ability for
workers to receive their salary in Petro, and its role
as the unit of account for its state oil industry.