“Venezuela will create a cryptocurrency,” Venezuelan President Nicolas Maduro said on Sunday, according to Reuters. In a televised broadcast, Maduro provided few details of how such a currency — backed by oil and gas reserves, as well as gold and diamonds — would work in practice, and the plans were almost immediately criticized and ridiculed by the country’s opposition.

source: https://www.washingtonpost.com/news/worldviews/wp/2017/12/04/venezuela-says-its-in-a-financial-world-war-and-wants-to-fight-back-with-its-own-digital-currency

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