President Nicolas Maduro said on Sunday that Venezuela will launch a digital currency to combat the ongoing attempts by the U.S. and its junior partners to suffocate the Bolivarian Republic through sanctions. The digital currency – called the “petro” – will be backed by Venezuelan reserves of gold, oil, gas, and diamonds, he said during the near five-hour show, which included traditional Christmas songs and dancing. The president announced that it would allow Venezuela to “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”
— source telesurtv.net 2017-12-05