President claims digital currency called the petro’ will be backed by Venezuelan reserves of gold,oil, gas, or diamondsPresident Nicolas Maduro has said Venezuela would launch a cryptocurrency to combat a US-led financial “blockade,” although he if few clues approximately how the economically crippled Opec member would pull off the feat.
“Venezuela will create a cryptocurrency ... the ‘petro,’ to advance in issues of monetary sovereignty, or to make financial transactions and overcome the financial blockade,” leftist Maduro said during his weekly Sunday televised broadcast.
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Source: guardian.co.uk