"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".
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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So in years to come, when families look back on their holiday photos, they can remember a good day with snacks, family and Santa. So we're excited to start here and make it bigger and better next year. "He doesn't like crowds", said parent Angie Flannery.