Venezuelan President Announces 'Petro', Plans To Uplift Country's Economy

Venezuela to launch oil-backed cryptocurrency to counter Washington's 'economic sabotage'

Venezuelan President Announces Oil-Backed Cryptocurrency “Petro” to Combat 'US Blockade'

"This is going to allow us to move toward new forms of worldwide financing for the country's economic and social development", the president said.

However, other than that the President offered very few details.

The announcement throws light on how the sanctions implemented by President Trump in 2017 have hurt Venezuela's ability to transact money via global banks. He said that Venezuela will develop a cryptocurrency that is backed by gas, diamond reserves, gold, and oil.

Opposition leaders argue the country's shortages of food and medication are far more pressing and that the digital currency will not address this.

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Maduro blames his country's economic woes on a conspiracy to overthrow him combined with USA economic sanctions, but he intends for a new petrocurrency to overcome those sanctions.

Venezuela will create its own cryptocurrency to "move forward on issues of monetary sovereignty, to carry out financial transactions and overcome financial blockade".

Maduro's pivot away from the US dollar comes after the recent spectacular rise of bitcoin BTC=BTSP, which has been fuelled by signs that the digital currency is slowly gaining traction in the mainstream investment world.

The government's poor policies forced millions of Venezuelans to struggle for survival, as three meals a day aren't a given.

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"It's Maduro being a clown".

Excessive money printing and state currency controls have contributed to a 57 percent depreciation of the bolivar against the American dollar in the last month in black markets, according to Reuters.

According to opposition leaders and economists, Maduro, who was previously a union leader and bus driver, has carelessly refused to alter Venezuela's restrictions and curtail the severe economic meltdown. On Sunday he said Venezuela was facing a financial "world war".

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