Enter the 'petro'- Venezuela to launch oil-backed cryptocurrency

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

According to him, this step will allow you to go to the "new forms of worldwide funding" to support economic and social development of the country.

Venezuela has announced plans to launch a digital currency, "the petro", backed by the country's oil and mineral reserves.

He added that Venezuela was facing a financial "world war" after several nations, led by the United States, imposed sanctions on his regime following its crackdown on dissidents and opposition party activists.

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

Opposition leaders blasted the announcement, saying it needed congressional approval, while others doubted it will ever see the light of day in an economy with a dim outlook on its horizon, Reuters reported.

The announcement bewildered some followers of cryptocurrencies, which typically are not backed by any government or central banks. Venezuela is now lacking in fundamental needs such as medicine and food.

More news: Obama expected at mayors' Chicago summit on climate change

Still, the announcement highlights how sanctions enacted this year by U.S. President Donald Trump's administration are hurting Venezuela's ability to move money through worldwide banks.

Hyperinflation has eroded the Venezuelan bolivia's value by 97% this year, making imports incredibly expensive and causing many to abandon trust in the currency. As a result, the minimum wage per month has dropped to a meager $4.30.

Maduro's government has a poor track record in monetary policy.

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.

Maduro says he is trying to combat a Washington-backed conspiracy to sabotage his government and end socialism in Latin America.

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