The president of the Bolivarian Republic of Venezuela, Nicolás Maduro, announced on Sunday that the government will begin the development of a cryptocurrency system to seek new forms of financing and thus have an alternative to rescue the national economy.
He explained that the value of his new digital currency, called "El Petro", will be backed by the reserves of gold, oil gas and diamond.
"The new cryptocurrency system will be based on reserves of natural resources to advance the economic development of the country" he said in a broadcast of his weekly program.
He afirmed that this system will allow citizens to carry out different transactions.
He justified the creation of this currency in the face of the supposed "international financial blockade" of countries that are powers of the world against Venezuela.