Nicolas Maduro launched his new cryptocurrency, the Petro, on Feb. 20 despite lawmakers saying that a digital coin backed by Venezuela's (dwindling) oil supply was a bad idea, maybe even illegal. It doesn't matter what the National Assembly says, of course, because the National Assembly, as far as Maduro is concerned, does not exist. His new congressional body of 'yes men' and 'yes women' known as the Constituent Assembly says the Petro is a fine idea. And with the cryptocurrency craze still alive and kicking, Venezuela is going to have no problem finding new sources of funding. "We assume that the cryptocurrency creates more headlines than revenues, with sanctions...posing serious operational constraints (on the government)," Morden says.

Source: Forbes February 22, 2018 17:26 UTC