Bitcoin $BTC and other crypto’s have been hogging the headlines as a result of their rapid rise in price and the vast (paper) wealth they are currently creating.

At the same time another interesting development is occurring, the announcement by Venezuela and Russia of potential oil backed crypto currencies that would allow both countries to circumvent US sanctions.

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Bitcoin $BTC and other crypto’s have been hogging the headlines as a result of their rapid rise in price and the vast (paper) wealth they are currently creating.

.

At the same time another interesting development is occurring, the announcement by Venezuela and Russia of potential oil backed crypto currencies that would allow both countries to circumvent US sanctions.

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Venezuela became the first country to make a firm proposal to have their own crypto currency, the ‘petro’, backed by that country’s oil reserves.

Now Russia has also declared an interest in creating their own crypto currency, the ‘neft’ (neft means oil in Russian), as a means of avoiding the petrodollar dominated financial world.

It looks clear that Vladimir Putin put the idea into Venezuelan President Maduro’s head, as both countries are suffering due to US sanctions.