Nicolas Maduro, the President of Venezuela, announced on Wednesday the allocation of 5 billion barrels of oil to ensure the national cryptocurrency Petro. Maduro officially confirmed that the No.1 Ayakucho oil field will provide a material security for Petro. At the current price for oil, the Ayacucho oil field is estimated at $300 billion.
Maduro said that he hopes to attract the young population to help the state to launch Petro, creating and servicing the mining farms across the country under the government programme. The program has already registered 860,000 Venezuelans between the ages of 15 and 35.
Maduro also stated that he plans to allocate Petro with the deposits of diamonds and the gold deposits of Arco Minero in the Orinoco belt.
According to Maduro, cryptocurrency could help Venezuela to combat a Washington-backed conspiracy to sabotage his government and end socialism in Latin America.