VENEZUELA BEGINS SELLING CRYPTOCURRENCY

CARACAS: launched its new oil- backed cryptocurrency on Tuesday in an unconventional bid to haul itself out of a deepening economic crisis.

The leftist Caracas government pre-sale from the early hours.

President Nicolas Maduro.

“The Petro reinforces our independence and economic sovereignty and will allow us to

A total of 100 million Petros crude in mid- January -- but subject to change.

Economist and cryptocurrency expert Jean- Paul Leidenz told AFP prices during the pre- sale will then fluctuate according to the market when the initial coin offering of 44 million Petros is made on March 20.

million Petros.

largest proven oil reserves but is facing a crippling economic and political crisis.

- sami said the Petro will “gener- ate confidence and security in the national and international

Maduro announced in early which is under sanctions from the US as well as the EU -- was creating the digital currency.

expects the Petro to open “new which prohibit US citizens and companies from trading debt issued by the country and its

But experts are skeptical about pointing out that the country’s deep economic imbalances will - dence in the new currency.

- currencies you could bypass the US financial system... but everything depends on generat

some $ 2 billion in the initial Petro will be established as “a

economic crisis triggered in large part by a fall in crude oil prices percent of the country’s exports.

It is struggling to restructure experts.