CARACAS (Reuters) - The Venezuelan government is set to launch an oil - backed digital currency dubbed the " petro " , which it hopes will enable the cash - strapped country to sidestep harsh US financial sanctions . Supported by controversial president Nicolas Maduro , petro has been called " illegal " by the country 's opposition - run parliament and " tailor - made " for corruption . In the coming months , the Venezuelan government hopes to issue 100 billion dollars . Opposition figures said the new currency would be valueless if and when Maduro is voted out of office .
The Venezuelan government is set to launch an oil - backed digital currency dubbed the " petro " , which it hopes will enable the cash - strapped country to sidestep harsh US financial sanctions . Supported by controversial president Nicolas Maduro , petro has been called " illegal " by the country 's opposition - run parliament and " tailor - made " for corruption . In the coming months , the Venezuelan government hopes to issue 100 billion dollars . Opposition figures said the new currency would be valueless if and when Maduro is voted out of office .