Venezuela’s Own Digital Coin

Cryptocurrencies are raising in value, and Venezuelan President Nicolas Maduro has intention to get involved in this market.

The authoritarian leader on Sunday announced plans for a bitcoin-like virtual currency named the “petro.” He expects the new cryptocurrency will provide ways for his country to sidestep U.S.-led sanctions.

“Venezuela will create a petrocurrency to advance monetary sovereignty, as it will help to overcome the financial blockade and thus move toward new forms of international financing for the economic and social development of the country”, said Maduro according to the government’s website.

Opposition of Venezuela strongly criticized Maduro’s announcement, who also informed, that for the aim of providing petro’s launch they will organize a new blockchain center in the country.