Maduro: Venezuela to create new 'petro' cryptocurrency

Venezuela to launch Petro

President Nicolas Maduro of Venezuela says his government will launch a cryptocurrency to fight what he calls a financial "blockade" by the Trump administration against the socialist-run country. He said that Venezuela will develop a cryptocurrency that is backed by gas, diamond reserves, gold, and oil. Per the Venezuelan leader the petro will help Venezuela overcome the country's financial "blockade". This type of currency is not traditionally supported by central banks or governments.

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. They outlined it needs congressional approval. Some were even doubtful about the new digital currency being launched at all since the country is dealing with a serious financial crisis.

The announcement shows how sanctions enacted by U.S. President Donald Trump's administration this year hurt the country's ability to move money through the worldwide banking system.

The country is now lacking basic needs like food and medicine, and its currency, the bolivar, is in freefall as it went down 57 percent last month alone on black markets due to currency controls and excessive money printing.

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Fishermen were warned not to put out to sea and those out fishing were called back. Spoke to all relevant authorities and officials.

Maduro said that "electronic cash" will get the name Petro.

Avowed Marxist and member of the constituent assembly Jesus Faria has called for changes to monetary policy that would lead to free worldwide exchange.

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. As a result, the minimum wage per month has dropped to a meager $4.30. Reuters quoted lawmaker Angel Alvarado, who said that the idea has "no credibility".

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