Mubasher: Venezuela’s president Nicolas Maduro has announced plans issue 100 million units of an oil-backed cryptocurrency called the “Petro” during the coming days.

The total issuance value of the “Petro” may surpass $5.9 billion, Maduro said, noting that each unit of the digital currency would be pegged to Venezuela’s oil basket, which averaged $59.07 per barrel during this week.

In December, the president announced Venezuela’s intention to launch the digital “Petro”, backed by the country’s oil, gas, gold, and diamond reserves amid a weak currency.

However, uncertainty continues over the issuance mechanism and the digital currency’s ability to attract global investors along with the broad economic crisis in Venezuela.