Russia helped Venezuela launch its cryptocurrency to skirt US sanctions
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Petro, the world's first state-backed cryptocurrency, was launched on 20th February. It's a half hidden joint venture between Venezuelan and Russian officials and businessmen and its value is tied to its country's oil reserves. Sources claimed the aim of Petro was to erode the power of US sanctions. The Bolívar, Venezuela’s currency has suffered hyperinflation due to government mismanagement and US sanctions.