Subsequently the launch of the Venezuelan government-backed cryptocurrency the Petro on Feb. 20, President Nicolas Maduro has already hinted at second regime cryptocurrency presently to be released, co-ordinate to government-sponsored news outlet TelSsur.

This time, the government-backed cryptocurrency will be backed non by oil, but by gold. During a Patria Para Todos [Fatherland For All] party event at the National Theater in Caracas, Maduro announced,

"The petro is a cryptocurrency unique in the world that is supported by oil, and I take a surprise that I will launch next week, the Petro Oro [gold], backed by gold, even more powerful."

Since the petro's Initial Coin Offering (ICO) opened on Feb. 20, $735 mln has allegedly been raised, according to Maduro'southward Twitter. No official numbers for the ICO had been released past press time.

Some Venezuelans on Twitter have used the hashtag, "#AlFuturoConElPetro," [the future with the petro], to support the release of the coin. User José David Cabello R wrote,

"#AlFuturoConElPetro confronting any meddling, confronting the economical state of war, against the blockade. For the peace and Venezuela."

Before the launch, strange investors from Brazil, Poland, Kingdom of denmark, Republic of honduras, and Norway had reportedly said they were open to receiving the petro, which is backed by one barrel of oil per coin, for goods and services.

Venezuela is currently facing hyperinflation of more than 4,000 percent in the final year, with the national currency, the Bolivar, having lost around 96 percent of its value.

The president's determination to launch a cryptocurrency was at odds with the views of the country's opposition-backed parliament on crypto, which declared the petro an illegal currency on Jan. 9. Critics in parliament see the petro equally a manner for Maduro to avoid the financial sanctions imposed past the Due west on Venezuela.