Venezuela will Make its own Cryptocurrency

Venezuela will create its own cryptocurrency to fight the US "financial blockade" imposed by the United States. This is the idea of ​​President Nicholas Maduro, whose country is experiencing a severe financial and economic crisis, reports webcafe. 

"Venezuela will create a encryption currency ...  petro, to advance on monetary sovereignty, to make financial transactions and to overcome the financial blockade," Maduro said during a weekly Sunday television address to the nation.

The name of the national currency - "petro" - comes from the fact that it will be supported by the oil, iron and natural gas with which the country is rich.

"XXI century arrived!" Said Maduro, but without adding details about the cryptocurrency project.

Opposition leaders refuted the statement. In their view, such an idea needs the approval of Congress first. Some have questioned whether the digital currency will ever be created in the wake of the great crisis that Venezuela is experiencing.

Meanwhile, the Venezuelan Bolivar reaches new bottoms. Currently it is traded for $ 0.1.

Maduro's move comes amid the record-breaking rise in the cost of the bitcoin, which last reached a peak of $ 11,800. Since the beginning of the year, the value of the most popular cryptocurrency has increased 10 times, but with sharp fluctuations.

Many central banks warn that the behavior of the bitcoin is extremely unpredictable and has signals that it is a bubble that can burst.