In a televised speech in January the 5th, Venezuelan President Maduro said he had ordered that the first batch of 100 million digital encrypted currency "oil coins" would be released.
Unlike other virtual currencies, each of the petroleum coins has 1 barrels of Venezuela's crude oil as a real mortgage. The first release of the "oil coin" will be borne by the virtual currency exchange, which is currently under trial operation.
"Oil coin" is the first encrypted digital currency issued by a sovereign state and backed by natural resources. It will be used for international payment and become a new way of Venezuela's international financing. Can this digital currency really help Venezuela through the current economic difficulties? Just wait and see.
What is the next virtual currencies？