Venezuela will launch its “Petro” cryptocurrency, backed by 5.3 billion barrels of oil, within days, President Nicolas Maduro said recently, according to Reuters.

Maduro revealed plans to launch the cryptocurrency backed by the country’s oil, gas, gold and diamond reserves earlier this month. Soon after, he announced the creation of the Superintendence of El Petro Cryptocurrency – a body that will govern the transactions with the cryptocurrency.

Speaking on national TV recently, Maduro said (as quoted by RT):

“Here’s the document formalizing the provision of the certified Ayacucho oil field No.1 in the Orinoco Petroleum Belt for the support of El Petro cryptocurrency,” Maduro said, adding that the field’s “reserves amount to 5 billion barrels of oil,” which is confirmed by the corresponding “international certificate.”

“Every single Petro will be backed by a barrel of oil,” Maduro said, promising to provide cryptocurrency mining throughout the country. “We will set up a special team of cryptocurrency specialists so they will be engaged in mining in all states and municipalities of our country.”

Outlining the objective behind Petro, he said that it aims “to advance the country's monetary sovereignty, to carry out financial transactions and to defeat the financial blockade against the country.”