فارسPressTV... Venezuelan President Nicolas Maduro has announced that his country will be introducing a new cryptocurrency to battle the US financial “blockade.” "Venezuela will create a cryptocurrency... the 'petro,' to advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade," said Maduro in his weekly televised broadcast on Sunday.
He added that it will be backed by natural resources reserves without providing further details.
The announcement drew widespread scorn from the economically-crippled country's opposition, who voiced doubt over Venezuela's ability to launch a cryptocurrency.
The country's own currency, the bolivar, has lost around 57 percent in the last month alone.
Maduro's move comes at a time that the cryptocurrency known as bitcoin has soared to an all-time high of well above $11,000 on major exchanges and digital currency indexes.
Created in 2009, bitcoin uses encryption and a blockchain database that enables the fast and anonymous transfer of funds outside of a traditional centralized payment system.
It has increased more than 10-fold in value so far this year, posting the largest gain of all asset classes, amid increased institutional demand for cryptocurrencies as financial and mainstream use has expanded.
Meanwhile, representatives of the Venezuelan government and opposition have made “significant advances” in negotiations aimed at resolving the country’s political and economic crisis.
PressTV-Talks progress between Venezuelan govt., opposition The Venezuelan government and opposition make “significant advances” in reconciliation talks and schedule a new round of negotiations.The Latin American country was the scene of months-long opposition protests earlier this year.
The unrest left at least 125 people from both camps dead and hundreds of others injured. The violence also led to thousands of arrests and caused widespread property destruction across the country, which is grappling with an economic crisis.
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Maduro has slammed the US and its regional allies for fueling recent political tensions gripping Venezuela by openly siding with the opposition.