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Image Courtesy: Joka Madruga (www.flickr.com/photos/jokamadruga/8642328391),

Venezuelan President Nicolas Maduro announced Sunday that the country will launch its own cryptocurrency, called the “Petro,” which will be backed by the country’s vast natural resource reserves, according RT.

Madoro said the new cryptocurrency’s value will be pegged to the country’s vast reserves of oil and gas as well as its mineral wealth, including gold.

The purpose will be “to advance the country’s monetary sovereignty, to carry out financial transactions and to defeat the financial blockade against the country.”

“We are facing a financial war against the country which we have denounced and the opposition has denied. There are businesspeople who are unaffected by Donald Trump’s blockade. With this, we will join the 21st century,” Maduro added, as cited by Panorama.

Maduro also approved the creation of a BlockchainBase observatory to oversee the development and rollout of the new cryptocurrency, reports La Patilla.

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