Central Banking

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

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