The president of Venezuela, Nicolás Maduro, announced on Sunday on television the creation of a Venezuelan cryptocurrency called 'El Petro' to "move towards overcoming financial problems and towards a solid financial system".
The president said that "the Petro" will be based on oil, gas, wealth, gold and diamonds.
With this new cryptocurrency Caracas seeks to promote progress in monetary sovereignty, make financial transactions and overcome the financial blockade.
According to Maduro, the initiative was proposed by the Minister of University Education, Science and Technology Hugbel Roa, whose ministry will be attached to the new Blockchain Observatory of Venezuela for the national cryptocurrency.
This institution will be formed by a multidisciplinary team of 50 people specialized in the areas of economics, finance, technology, legal, monetary and media. "'The Petro has been created, the Venezuelan cryptocurrency, historic step on December 3, 2017," proclaimed the president at the end of his speech.