Venezuela crisis: Petro CRYPTOCURRENCY to become official currency alongside bolivar | W…

President Nicolas Maduro announced state-owned oil giant Petroleos de Venezuela (PDVSA) will begin using the digital token from Monday, August 20.

In a television address, the Venezuelan leader revealed the country would soon have two units of currency: the digital Petro and the ‘sovereign bolivar’, ABC International reports.

He said his government would also introduce a new salary and pricing systems which will be pegged to the cryptocurrency.

The announcement comes as the oil-rich nation grapples with hyperinflation which some forecasters have warned will soon hit one million percent.

President Maduro said the new Petro-based system “will mean a substantial improvement in the income of the workers”.

He said: “As of next Monday, Venezuela will have a second accounting unit based on the price, the value of the Petro.

“It will be a second accounting unit of the Republic and will begin operations as a mandatory accounting unit of our PDVSA oil industry.”

The Petro was launched…