Venezuela Plans a Cryptocurrency, Maduro Says

Venezuela Plans a Cryptocurrency, Maduro Says


CARACAS — 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.

Mr. Maduro said Sunday that the new currency would be called the “petro” and be backed by the OPEC nation’s abundant oil, gold and mineral reserves.

“This will allow us to advance toward new forms of international financing for the economic and social development of our country,” he said.

Mr. Maduro gave no details in his TV address about what the new currency’s value would be, how it would work or when it would be released.

Venezuela’s traditional currency, the strong bolívar, has accelerated its free-fall in recent weeks as American sanctions make it harder for the country to stay current on its foreign debt.



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