Venezuela is preparing a new cryptocurrency called “Petro Gold” that will be backed by precious metals, President Nicolas Maduro said on Wednesday, a day after launching an oil-backed token Petro, Reuters reported.
“Next week I‘m going to launch the Petro Gold, backed by gold, which is even more powerful, that will strengthen the Petro,” Maduro said in a televised speech.
The President did not offer further details.
Maduro is hoping cryptocurrencies will help Venezuela skirt U.S. financial sanctions as it struggles under hyperinflation and a collapsing socialist economy.
On Tuesday, he said the newly launched Petro cryptocurrency raised $735 million in the first day of a pre-sale.