Venezuela's national currency has been dealing with alot of hyperinflation problems. This has led to a so called 'bitcoinization' : the population tends to shift away from classic currency to cryptocurrencies. Now, president Maduro has ordered the first 100 million Petros, an oil-backed national crypto.
“I’ve ordered the issue of 100 million Petros, based on national wealth. Each Petro will have the value of a barrel of Venezuela’s oil.”
While this oil-backed crypto is good news for crypto-investors, economists believe this will cause even more inflation of the classic national currency.