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Venezuela Launches Its Own Version of Bitcoin -- but It Presents More Questions Than Answers

Dec 15, 2017 | 09:00 GMT
President Nicolas Maduro (C) of Venezuela attends the International Science and Technology Fair in Caracas on Dec. 3.

Venezuelan President Nicolas Maduro(C) speaks in front of a computer used to mine crypto currency Ethereum at the International Science and Technology Fair (FITEC) in Caracas on December 3, 2017. Venezuela is creating a digital currency to combat a financial blockade by the United States, President Nicolas Maduro announced Sunday. The Petro will be backed by Venezuela's oil and gas reserves and its gold and diamond holdings according to Maduro. / AFP PHOTO / PRESIDENCIA (Photo credit should read PRESIDENCIA/AFP/Getty Images)

(PRESIDENCIA/AFP/Getty Images)

The endeavor is a last-ditch effort on President Nicolas Maduro's part to save his country's foundering economy. Whether and how the gambit will work out is dubious, though....

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