Venezuelan President Nicolas Maduro fist bumps a worker of the state-run oil company PDVSA during a visit to the Orinoco oil belt in Venezuela in 2013. (Photo: Miraflores/AP)

Venezuela Bucks Petrodollar, Announces Cryptocurrency Backed by Oil

Venezuela’s new digital currency will allow the South American nation to circumvent U.S. sanctions by taking advantage of the global demand for oil.