Venezuela's president says a pre-sale of its new "petro" cryptocurrency, with each token backed by one barrel of crude oil, will begin on February 20 (CNBC)

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CNBC:
Venezuela's president says a pre-sale of its new “petro” cryptocurrency, with each token backed by one barrel of crude oil, will begin on February 20  —  - Critics have slammed the initiative as not only illegal but nothing more than a debt issuance by the government amid quadruple-digit inflation and major shortages.