Venezuelan President Nicolas Maduro has announced the creation of a new virtual currency in a bid to ease the country's economic crisis. He said the Petro would be backed by Venezuela's oil, gas, gold and diamond wealth. Opposition MPs, however, poured scorn on the plan.
Venezuela's economy has been hit by falling oil revenue and the plummeting value of its existing currency, the bolivar. President Maduro has also railed against US sanctions which he describes as a "blockade".
In a televised announcement on Sunday, Mr Maduro said the new crypto-currency would allow Venezuela "to advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade". "The 21st Century has arrived!" he added to cheers from supporters.
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