Explanation:

Statement 1: Venezuelan government has launched its own cryptocurrency, called the “Petro,” which will be backed by the country’s vast natural resource reserves.
The value of the new cryptocurrency will be pegged to the country’s vast reserves of oil and gas as well as its mineral wealth, including gold.
With the new cryptocurrency, Venezuela hopes it can overcome the economic blockade which the U.S. has put on the country.
The blockade has caused the country’s national currency, the Bolivar, to lose around 57% of its value in the last four weeks.
Learning: There are other nations that have plans to launch cryptocurrency. For e.g. Estonia, China, Singapore and Russia are looking to launch their own cryptocurrency. National digital currencies could really be a game-changer. It’ll change the basic way we interact with money and with sellers.
It is believed that with time all currencies will be digitized through the blockchain which will completely disrupt the present financial system.

The main advantage of a national cryptocurrency is that transactions can be made speedily and cheaply, even across borders, and the central bank would have greater oversight over the financial system.
Moreover, it would fit well with the goal of central banks around the world to replace cash with electronic payments. Reflecting the innovation's importance China has been researching digital currencies for the past two years.