The newly re-denominated Venezuelan fiat currency, the Sovereign Bolivar (VES), is supposed to be backed by the Petro, which is the official cryptocurrency of Venezuela. The government of Venezuela began the public sale of the Petro on 29 October 2018, and it has been over a month since then, but based on the accelerating hyperinflation it appears nothing at all is backing the VES. In-fact, there is no firm evidence that the Petro is an actual cryptocurrency, and is more likely a non-fungible paper certificate, as will be explained in the rest of this article. The Cafe Con Leche Index, which measures Venezuelan ... (full story)