The President of Venezuela Nicolas Maduro announced the release of a national cryptocurrency El Petro provided by oil. According to him, 100 million El Petro will be issued, the Russian news Agency API reports.

"I ordered the release of 100 million El Petro, legally secured Venezuelan oil wealth. Each El Petro will cost the same as a barrel of Venezuelan oil," at a Cabinet meeting Maduro said.

As the "Bank" will act as an oil-producing region of Ayacucho, where 5.442 billion barrels of certified oil.

Venezuela is also willing to support the cryptocurrency gas, gold and diamonds, but in a very modest scale.

A cryptocurrency that is backed by real assets, in contrast to purely virtual bitcoin and its analogues, can be surprisingly attractive tool for financiers and investors, the newspaper notes. Venezuela offers some Golden mean – easy to trades the cryptocurrency, which has tangible value in the form of billions of barrels of oil.

Analysts say that the risks of such a step are also large, however, the government Maduro is in a situation where such ventures is extremely relevant. The country can not get out of severe financial crisis, while its oil sector gradually assumed control of Russia, China and the United States. To slow down this process, to attract petro numerous private investments and maintain control over natural resources – these are the tasks, which set themselves the authors of the new cryptocurrencies, "Techcult" reports.