Venezuela

Venezuela unveils virtual currency

Question: Recently, Venezuelan President Nicolas Maduro announced the creation of virtual currency in the country. What is the name of this virtual currency?
(a) Furte
(b) Setro
(c) Petro
(d) Olio
Answer: (c) 
Related Facts: 

  • On December 3rd, 2017 Venezuelan President Nicolas Maduro has announced the creation of new virtual currency called ‘Petro’.
  • This currency is being introduced to reduce the economic crisis in the country.
  • This virtual currency will be supported by Venezuela’s oil, gas, gold, and diamond wealth.
  • It is the official currency of Venezuela that Bolivar Furte.
  • Venezuela is a country located in the continent of South America.
  • Its capital is Caracas.
  • Venezuela is facing a period of economic blockade due to the decline in crude prices for the past few years.
  • This country’s economy is basically based on oil exports.

Reference:                 
http://www.bbc.com/news/world-latin-america-42217798
http://money.cnn.com/2017/12/04/news/economy/venezuela-cryptocurrency/index.html