In his weekly TV and radio programme, Venezuelan President Nicolás Maduro announced that the government will be creating its own cryptocurrency to help mitigate the country’s economic crisis.

Maduro revealed that the currency, called Petro, will be backed by Venezuelan oil, gas, gold and diamond.   

Maduro also said that the move towards cryptocurrency adoption should help the country overcome the effects of US sanctions which he describes as a “financial blockade”.

However, it has not been revealed when or how the currency will be launched.

Source: BBC

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