Venezuela's currency is in free fall. Cryptocurrencies such as bitcoin are going precisely the other direction. And there President Nicolas Maduro sees a way out of his country's economic ills.
On his Sunday television show, Maduro announced the nation would create its own "petrocurrency," backed by reserves in oil, gas, gold and diamonds. It will enable Venezuela "to advance in monetary sovereignty, carry out its financial transactions to overcome the financial blockade," Maduro said.
"This will allow us to advance toward new forms of international financing for the country's social and economic development," he said.
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