Venezuela to launch cryptocurrency as cash crisis continues

Nicolás Maduro
President of Venezuela, Nicolás Maduro
Joka Madruga

The president of Venezuela, Nicolás Maduro, has announced his government will be imminently launching a cryptocurrency, as a cash crisis continues to cripple the South American nation.

“I’ve studied this issue in depth, and I want to announce that Venezuela will implement a new cryptocurrency system backed by the oil reserves,” he said in a televised statement on December 3.

According to the government, Venezuela currently has more than 300 million barrels of oil in reserve. However, Maduro

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: