Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S led financial sanctions, announcing the launch of the “petro” backed by oil reserves to shore up a collapsed economy, Media report on Monday.
The leftist leader offered few specifics about the currency launch or how the struggling OPEC member would pull off such a feat, but he declared to cheers that “the 21st century has arrived!”
“Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves, Maduro said in his regular weekend televised broadcast, a five-hour showcase of Christmas songs and dancing.
The petro, he said, would help Venezuela “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”
Opposition leaders derided the announcement, which they said needed…
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