President of Venezuela Nicholas Maduro announced the intention of the state to create its own crypto currency called El Petro to combat the crisis. The currency will be provided by Venezuela's oil, gas and diamond reserves, he explained..
The currency will work on the basis of the block-work, which will be created in the Ministry of Education, Science and Technology. According to Maduro, the creation of a new national crypto currency is necessary to ensure the financial independence of the country.
When exactly it is supposed to put into operation the Venezuelan national crypto currency, it is not informed.
In Venezuela, the economic crisis continues in the face of US sanctions. For 2017, the Venezuelan bolivar depreciated by more than 1000%.
Source: Meduza.