Venezuela to launch oil-backed cryptocurrency

President claims digital currency called the 'petro' will be backed by Venezuelan reserves of gold, oil, gas, and diamonds. President Maduro confirmed that with this decision, Venezuela is trying to solve financial and monetary autonomy in the international market. He also stressed that the cryptocurrency, Petro, will help it integrate into the world economy, trade and finance in the 21st century.

President Maduro's decision was made in the context of Venezuela's need to attract capital amid a severe scarcity of foreign currency as world oil prices plummeted, making the country's oil production revenues extremely inflexible.