Venezuela to launch oil-backed cryptocurrency to counter Washington's 'economic sabotage'

Venezuela's President Nicolas Maduro speaks during an event with supporters in Caracas Venezuela

Venezuela President Nicolas Maduro speaks during his weekly radio and TV broadcast on December 3, 2017.

Venezuelan president Nicolas Maduro has announced that the country is creating a cryptocurrency that will be backed by Venezuelan reserves of gold, oil, gas, and diamonds.

However, other than that the President offered very few details.

Maduro said the proposed cryptocurrency, called "petro", will help combat the US' "blockade" against the country.

Opposition leaders derided the announcement, which they said needed congressional approval, and some cast doubt on whether the digital currency would ever see the light of day in the midst of turmoil.

Venezuela's real currency - the bolivar - is in freefall, with inflation running at 4,000% and the country running out of basic food and medicine.

The announcement came as a surprise to some of the followers of cryptocurrencies, as conventional cryptocurrencies are not backed by governments or central banks.

Google's new guidelines will prevent apps from collecting unnecessary user data
Further, if the apps save information that is not necessary they are needed to explain users how the data is going to be used. The apps will be considered to violate Google's policy if they don't follow the rules for prominent disclosure.

Hyperinflation has eroded the Venezuelan bolivia's value by 97% this year, making imports incredibly expensive and causing many to abandon trust in the currency.

Maduro views it as a fight against a Washington-backed conspiracy to sabotage his government and put an end to socialism in Latin America, and went as far as declaring a financial "world war".

Currency controls and excessive money printing have led to a 57 percent depreciation of the bolivar against the dollar in the last month alone on the widely used black market.

Some of the opposition leaders ridiculed the announcement.

There is very little chance that Maduro's announcement will bring any sort of relief in the short run as several million Venezuelans are now struggling with poverty and can not even afford to eat three meals in a day. Reuters quoted lawmaker Angel Alvarado, who said that the idea has "no credibility".

The leader might be looking to make payments to foreign creditors and bondholders in the cryptocurrency in an attempt to streamline the significant debt burden of the country, say opposition leaders.

Related news:

Hot News

isis-killer-beheading-video-story-top Harlem Rapper Finally Meets His 81-Year-Old 'Words With Friends' Buddy
Dec 06, 2017 - 00:37
Ms Butler said she has used the example of their friendship in sermons, as Spencer is a friend of her daughter's. Here's to Sleyon, Guttman and great friendships-and all of the unlikely places from which they spring.

isis-killer-beheading-video-story-top Billy Bush Speaks Out On 'Access Hollywood' In Interview With Stephen Colbert
Dec 06, 2017 - 00:32
He told me that he went privately to the bosses ... "It was a hard time ... it was very hot emotionally in the country". Bush, seized the opportunity to set the record straight by calling out the president's deflection of culpability.

isis-killer-beheading-video-story-top Toys R Us confirms store closures as MPs scrutinise failing chains
Dec 06, 2017 - 00:31
Toys R Us in the United Kingdom is owned by its U.S. namesake, but run as a separate financial entity. The Cambridge Toys "R" Us store in Cambridge is one of 26 scheduled to close in Spring 2018.

isis-killer-beheading-video-story-top San Marcos Police Officer Shot and Killed While Serving Warrant
Dec 06, 2017 - 00:30
They described him as a hard-working and well-liked member of the department and said he leaves behind a wife and four children. He worked just about every day off to provide for his kids and because he knows we're shorthanded and we need the help.

isis-killer-beheading-video-story-top Taylor Swift fans go after 'rat' Kim Kardashian on Instagram
Dec 06, 2017 - 00:30
They explained in the comments that snakes (a symbol for Taylor from her new album Reputation ) eat rats (their symbol for Kim ). After Kardashian posted the shot, Swift's fans immediately lambasted the singer for reigniting their feud .

isis-killer-beheading-video-story-top Olympic ban sparks outrage in Russian Federation
Dec 06, 2017 - 00:24
The qualifying athletes will compete under the name "Olympic Athlete from Russia" and compete under the Olympic flag. The IOC will invite individual athletes from the country to compete as neutrals at Pyeongchang Games.

isis-killer-beheading-video-story-top IATA sees better airline profits in 2018 despite rising costs
Dec 06, 2017 - 00:18
Latin America: Airlines in Latin America are forecast to generate a $900 million net profit in 2018, up from $700 million in 2017. In 2017, IATA said airlines hit a new record of over 20,000 city-pair connections, up by 1,351 from 2016.

isis-killer-beheading-video-story-top Asus, HP Debut Snapdragon-Powered Windows Laptops
Dec 06, 2017 - 00:14
However, the HP Envy X2 which also runs on Snapdragon, will be available "spring 2018", so we expect the NovaGo to be similar. When Ryzen Mobile was revealed in October, AMD claimed playable framerates in an ultrathin notebook form factor.

isis-killer-beheading-video-story-top OnePlus 5T Star Wars Edition Will Be on Sale
Dec 06, 2017 - 00:11
OnePlus is about to star selling a Star Wars OnePlus 5T limited edition version that most people won't even be able to buy. Fans who wish to attend the event can purchase the tickets for INR 999 starting December 7, 10:00AM IST on Paytm .

isis-killer-beheading-video-story-top Shohei Ohtani turns down Yankees, Red Sox, per GMs
Dec 06, 2017 - 00:10
The teams still in play, predominantly on the West Coast, have until December 22 to sign Ohtani, who is 23. It didn't take long for Shohei Ohtani to become a villain in the Bronx.

isis-killer-beheading-video-story-top It's National Cookie Day. Here's where you can get sweet deals today
Dec 05, 2017 - 02:35
Celebrate with the #CookieBonBite Equal parts bon, cookie, and awesome - buy one and get an 8 oz @fairlife while supplies last. The Nestle Toll House Cafe is celebrating by offering a FREE chocolate chip cookie to customers at participating locations .

isis-killer-beheading-video-story-top Margot Robbie confirms working on "separate spinoff" Harley Quinn movie
Dec 05, 2017 - 02:33
When Gotham City Sirens got announced, everyone assumed that's what it morphed into. "It's a totally separate one". It's possible Robbie is talking about the solo Harley Quinn movie that had Christina Hodson attached as writer.

isis-killer-beheading-video-story-top Nikki Haley's statement a 'bloodthirsty' stance on North Korea: Russian FM
Dec 05, 2017 - 02:33
Russian politicians who visited Pyongyang say North Korea is not prepared to disarm, and while it did not want nuclear war it is morally ready for it, Russia's RIA news agency reports.

isis-killer-beheading-video-story-top North Korea warns joint US-South Korea military drill risks nuclear war
Dec 05, 2017 - 02:32
The warning comes a day after North Korea's foreign ministry warned that the U.S. government is "begging" for a nuclear war. South Korea is a key United States ally in the region and relies on USA military assistance for security against the North.

isis-killer-beheading-video-story-top Cougs accept invitation to Holiday Bowl
Dec 05, 2017 - 02:25
The Spartans, of course, ended up in the Holiday Bowl Dec. 28 in San Diego, instead of playing in Tampa, Florida, on January 1. MSU players took to Twitter Sunday afternoon to air their frustration, while Dantonio did his best to deflect it all.