Next, we're traveling to the South American nation of Venezuela, which is trying something new to help save its failing economy. Venezuela used to be the wealthiest country in Latin America, but its government has become increasingly authoritarian in recent years, taking over businesses, limiting people's freedoms and increasing its controls over the nation's economy. And now, that economy is in shambles.
And now with its currency almost completely worthless, Venezuela's government is turning to a cryptocurrency, like bitcoin, to try to bring in revenue. It's called the petro. It's the first government cryptocurrency in the world. It hopes to bring in more than $200 billion for Venezuela that's supposed to be supported by Venezuela’s reserves of crude oil and precious metals like gold.
Some investors say the idea is innovative and that might attract investment from the Middle East, Europe and Asia. But many economists say the petro is not going to solve Venezuela's problems of food shortages, decreasing oil production and people leaving the country.
Venezuelan President Nicolas Maduro says an economic war against his country that's been waged by the U.S. and other nations is responsible for Venezuela's problems. U.S. President Donald Trump says the Venezuelan government is a dictatorship. And America is one of several countries that want Venezuelan President Maduro to either leave or democratically reform his government.