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Venezuela’s failed cryptocurrency experiment

Fighting hyperinflation with a state-backed cryptocurrency. What could possibly go wrong?

What happens when an authoritarian regime that controls every aspect of an economy creates a currency based on decentralization, free movement, and transparency? This is the explosive true story behind the world's first state-backed cryptocurrency.

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Overdrawing your bank account for a loaf of bread?

The inflation in Venezuela is increasing day by day. This means that doing your basic grocery shopping could lead to people overdrawing their bank account. A man who had plans to give the people their financial freedom back is Gabriel Jiménez. He is the entrepreneurial brain behind Venezuela's Petro, the system that sought to make history as the first state-backed cryptocurrency. He wanted to change the world, but instead, he had to flee his country.