Enter the 'petro': Venezuela to launch oil-backed cryptocurrencyCARACAS (Reuters) - Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the  petro  backed by oil reserves to shore up a collapsed economy. The leftist leader offered few specifics about the currency launch or how the struggling OPEC member would pull off such a feat, but he declared to cheers that  the 21st century has arrived!     Venezuela will create a cryptocurrency,  backed by oil, gas, gold and diamond reserves, Maduro said in his regular Sunday televised broadcast, a five-hour showcase of Christmas songs and dancing. The petro, he said, would help Venezuela  advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.       Opposition leaders derided the announcement, which they said needed congressional approval, and some cast doubt on whether the digital currency would ever see the light of day in the midst of turmoil. The real currency, the bolivar, is in freefall, and the country is sorely lacking in basic needs like food and medicine. Still, the announcement highlights how sanctions enacted this year by U.S. President Donald Trump s administration are hurting Venezuela s ability to move money through international banks.  Washington has levied sanctions against Venezuelan officials, PDVSA executives and the country s debt issuance.   Sources say compliance departments are scrutinizing transactions linked to Venezuela, which has slowed some bond payments and complicated certain oil exports. Maduro s pivot away from the U.S. dollar comes after the recent spectacular rise of bitcoin, which has been fueled by signs that the digital currency is slowly gaining traction in the mainstream investment world. The announcement bewildered some followers of cryptocurrencies, which typically are not backed by any government or central banks. Ironically, Venezuela s currency controls in recent years have spurred a bitcoin fad among tech-savvy Venezuelans looking to bypass controls to obtain dollars or make internet purchases. Maduro s government has a poor track record in monetary policy. Currency controls and excessive money printing have led to a 57 percent depreciation of the bolivar against the dollar in the last month alone on the widely used black market. That has dragged down the monthly minimum wage to a mere $4.30.  For the millions of Venezuelans plunged into poverty and struggling to eat three meals a day, Maduro s announcement is unlikely to bring any immediate relief.  Economists and opposition leaders say Maduro, a former bus driver and union leader, has recklessly refused to overhaul Venezuela s controls and stem the economic meltdown. He could now be seeking to pay bondholders and foreign creditors in the currency amid a plan to restructure the country s major debt burden, opposition leaders said, but the plan is likely to flop.  It s Maduro being a clown. This has no credibility,  opposition lawmaker and economist Angel Alvarado told Reuters.   I see no future in this,  added fellow opposition legislator Jose Guerra. Maduro says he is trying to combat a Washington-backed conspiracy to sabotage his government and end socialism in Latin America. On Sunday he said Venezuela was facing a financial  world war.  worldnews
enter venezuela launch cryptocurrencycaracas reuters venezuela president nicolas maduro looked world digital currency circumvent financial sanctions announcing sunday launch metro backed oil reserves shore collapsed economy the leftist leader offered specifics currency launch struggling open member would pull feat declared cheers century arrived venezuela create cryptocurrency backed oil gas gold diamond reserves maduro said regular sunday televised broadcast showcase christmas songs dancing the metro said would help venezuela advance issues monetary sovereignty make financial transactions overcome financial blockade opposition leaders derided announcement said needed congressional approval cast doubt whether digital currency would ever see light day midst turmoil the real currency oliver freefall country sorely lacking basic needs like food medicine still announcement highlights sanctions enacted year president donald trump administration hurting venezuela ability move money international banks washington levied sanctions venezuela officials pdfs executives country debt issuance sources say compliance departments scrutinizing transactions linked venezuela slowed bond payments complicated certain oil exports maduro pivot away dollar comes recent spectacular rise bitcoin fueled signs digital currency slowly gaining traction mainstream investment world the announcement bewildered followers cryptocurrencies typically backed government central banks ironically venezuela currency controls recent years spurred bitcoin fad among venezuela looking bypass controls obtain dollars make internet purchases maduro government poor track record monetary policy currency controls excessive money printing led percent depreciation oliver dollar last month alone widely used black market that dragged monthly minimum wage mere for millions venezuela plunged poverty struggling eat three meals day maduro announcement unlikely bring immediate relief economists opposition leaders say maduro former bus driver union leader reckless refused overhaul venezuela controls stem economic meltdown he could seeking pay bondholders foreign creditors currency amid plan restructure country major debt burden opposition leaders said plan likely flop it maduro clown this credibility opposition lawmaker economist angel alvarado told reuters i see future added fellow opposition legislator jose guerra maduro says trying combat conspiracy sabotage government end socialism latin america on sunday said venezuela facing financial world war worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Enter the 'petro': Venezuela to launch oil-backed cryptocurrencyCARACAS (Reuters) - Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the  petro  backed by oil reserves to shore up a collapsed economy. The leftist leader offered few specifics about the currency launch or how the struggling OPEC member would pull off such a feat, but he declared to cheers that  the 21st century has arrived!     Venezuela will create a cryptocurrency,  backed by oil, gas, gold and diamond reserves, Maduro said in his regular Sunday televised broadcast, a five-hour showcase of Christmas songs and dancing. The petro, he said, would help Venezuela  advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.       Opposition leaders derided the announcement, which they said needed congressional approval, and some cast doubt on whether the digital currency would ever see the light of day in the midst of turmoil. The real currency, the bolivar, is in freefall, and the country is sorely lacking in basic needs like food and medicine. Still, the announcement highlights how sanctions enacted this year by U.S. President Donald Trump s administration are hurting Venezuela s ability to move money through international banks.  Washington has levied sanctions against Venezuelan officials, PDVSA executives and the country s debt issuance.   Sources say compliance departments are scrutinizing transactions linked to Venezuela, which has slowed some bond payments and complicated certain oil exports. Maduro s pivot away from the U.S. dollar comes after the recent spectacular rise of bitcoin, which has been fueled by signs that the digital currency is slowly gaining traction in the mainstream investment world. The announcement bewildered some followers of cryptocurrencies, which typically are not backed by any government or central banks. Ironically, Venezuela s currency controls in recent years have spurred a bitcoin fad among tech-savvy Venezuelans looking to bypass controls to obtain dollars or make internet purchases. Maduro s government has a poor track record in monetary policy. Currency controls and excessive money printing have led to a 57 percent depreciation of the bolivar against the dollar in the last month alone on the widely used black market. That has dragged down the monthly minimum wage to a mere $4.30.  For the millions of Venezuelans plunged into poverty and struggling to eat three meals a day, Maduro s announcement is unlikely to bring any immediate relief.  Economists and opposition leaders say Maduro, a former bus driver and union leader, has recklessly refused to overhaul Venezuela s controls and stem the economic meltdown. He could now be seeking to pay bondholders and foreign creditors in the currency amid a plan to restructure the country s major debt burden, opposition leaders said, but the plan is likely to flop.  It s Maduro being a clown. This has no credibility,  opposition lawmaker and economist Angel Alvarado told Reuters.   I see no future in this,  added fellow opposition legislator Jose Guerra. Maduro says he is trying to combat a Washington-backed conspiracy to sabotage his government and end socialism in Latin America. On Sunday he said Venezuela was facing a financial  world war.  worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: enter venezuela launch cryptocurrencycaracas reuters venezuela president nicolas maduro looked world digital currency circumvent financial sanctions announcing sunday launch metro backed oil reserves shore collapsed economy the leftist leader offered specifics currency launch struggling open member would pull feat declared cheers century arrived venezuela create cryptocurrency backed oil gas gold diamond reserves maduro said regular sunday televised broadcast showcase christmas songs dancing the metro said would help venezuela advance issues monetary sovereignty make financial transactions overcome financial blockade opposition leaders derided announcement said needed congressional approval cast doubt whether digital currency would ever see light day midst turmoil the real currency oliver freefall country sorely lacking basic needs like food medicine still announcement highlights sanctions enacted year president donald trump administration hurting venezuela ability move money international banks washington levied sanctions venezuela officials pdfs executives country debt issuance sources say compliance departments scrutinizing transactions linked venezuela slowed bond payments complicated certain oil exports maduro pivot away dollar comes recent spectacular rise bitcoin fueled signs digital currency slowly gaining traction mainstream investment world the announcement bewildered followers cryptocurrencies typically backed government central banks ironically venezuela currency controls recent years spurred bitcoin fad among venezuela looking bypass controls obtain dollars make internet purchases maduro government poor track record monetary policy currency controls excessive money printing led percent depreciation oliver dollar last month alone widely used black market that dragged monthly minimum wage mere for millions venezuela plunged poverty struggling eat three meals day maduro announcement unlikely bring immediate relief economists opposition leaders say maduro former bus driver union leader reckless refused overhaul venezuela controls stem economic meltdown he could seeking pay bondholders foreign creditors currency amid plan restructure country major debt burden opposition leaders said plan likely flop it maduro clown this credibility opposition lawmaker economist angel alvarado told reuters i see future added fellow opposition legislator jose guerra maduro says trying combat conspiracy sabotage government end socialism latin america on sunday said venezuela facing financial world war worldnews