Venezuela’s president, Nicolas Maduro, just made a bold statement regarding his oil-backed cryptocurrency, the Petro Coin.

The Petro Coin

Maduro appeared on the national VTV channel today and delivered a speech about his country’s latest economic issues. According to VTV’s official website, Maduro said:

“The Petro enters the street, as a currency of exchange, purchase and convertible currencies for the world.”

However, the Venezuelan president didn’t specify the areas where the Petro will be used. Maduro also didn’t name any countries willing to accept the Petro Coin.

This oil-backed cryptocurrency was first introduced back in February of 2018. In the beginning, 82.4 million Petros were available for purchase with top cryptocurrencies and fiat currencies—excluding the Venezuelan Bolivars. The President even went as far as making it a requirement for some state-owned businesses to convert a percentage of their sales into Petros.