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Venezuela faces US blockade of "petro"
09:01 - 04/12/2017
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Venezuelan President Nicolas Maduro said on Monday that his country plans to launch a digital currency to deal with its financial crisis caused by the financial embargo imposed by the United States.
"The new currency will be called Petro," Maduro said during his weekly television address, stressing that "the new currency will enjoy support from Venezuela's oil and gas reserves and its gold and diamond assets."
"This will allow us to move towards new forms of international financing for economic and social development in the country," he said.
Venezuela's domestic currency last year plunged 95.5 percent against the dollar on the black market, while Maduro bore more than the US address for the crisis because of the sanctions it imposed on his country last August. Ending / 25 g
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