Venezuela changes Petro’s backing from 5B barrels of oil to 30M

Venezuela now intends to back its Petro currency with 30 million barrels of oil instead of the 5 billion it had initially planned. Venezuelan oil-backed digital currency The country’s president had initially announced that the nation’s oil inventories are ready to serve as a physical backing for Petro currency. The president has not elucidated about how the asset would be backed. However, Reuters reported that the country had initially planned to back the asset with five billion barrels of oil. However, the nation’s plans had to take a hit when the United States placed sanctions on its state-owned company PDVSA.