Beginning in March 2019, Venezuela will create a basket of cryptocurrencies for the oil-backed state cryptocurrency, the Petro. This initiative will allow the government to sell oil in exchange for petros and bypass US-imposed sanctions at the same time.
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![image.png](https://ipfs.busy.org/ipfs/QmTn8hxjdNXPKzeDJSj3omkX7n4SXbeCyVHxUpJmMqGDec)

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President Nicolás Maduro stated that the measure will diversify the international market from allied countries while reducing reliance on the US dollar and increase the Venezuelan national revenue and foreign trade. 

> It is necessary to promote a balanced, fair and diverse monetary system, in which the dollar enters as an exchange currency, but which is not used as a political mechanism. ~ Venezuelan President Nicolás Maduro

The Petro has been available for sale since October 2018.

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