Venezuela Introducing Cryptocurrency Supported by Diamonds, Gold, Gas, and Oil

06 December, 2017, 01:06 | Author: Katrina Soto
  • Venezuela to launch oil-backed cryptocurrency to counter Washington's 'economic sabotage'

"This will allow us to advance toward new forms of worldwide financing for the country's social and economic development", he added.

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

"Venezuela will create a cryptocurrency", backed by oil, gas, gold and diamond reserves, Maduro said in his regular Sunday televised broadcast, a five-hour showcase of Christmas songs and dancing.

Sources say compliance departments are scrutinizing transactions linked to Venezuela, which has slowed some bond payments and complicated certain oil exports. Venezuela is now lacking in fundamental needs such as medicine and food.

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. It is an attempt to cope with a failing national economy and circumvent US sanctions.

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Under the sanctions Washington imposed a ban on purchase of new Venezuelan debt securities by any person in the U.S. that prevents the restructuring of external debt of Caracas. Rich supplies of resources provide some initial credibility to the proposal, but President Maduro's questionable track record when it comes to monetary policy is making many sceptical about the proposal.

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

According to opposition leaders and economists, Maduro, who was previously a union leader and bus driver, has carelessly refused to alter Venezuela's restrictions and curtail the severe economic meltdown. In just one month, there has been a 57% depreciation in the bolivar vis-à-vis the dollar owing to uncontrolled money printing and currency restrictions.

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".

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