(Photo: santiagotimes.cl)

The cryptocurrency, the Petro, will be backed by the country’s oil, gas, gold, and diamond reserves. Speaking on a televised broadcast on Sunday, superintendent of Venezuelan cryptocurrency Carlos Vargas, said they expect to gain between 20 million and 200 million USD.

Last Friday, President Nicolas Maduro said that Venezuela would issue 100 million units of its new oil-backed cryptocurrency. Each unit of the currency would be pegged to Venezuela’s oil price, which is currently averaging at 59.07 USD per barrel. The decision was considered a way to circumvent US sanctions that have hurt Venezuela’s access to international banks.