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Venezuelan President Nicholas Maduro announced that the country plans to launch a second crypto flag. The security of the new digital currency will be from the country's gold reserves.

The start of petro gold is expected next week. "Next week, I will release gold oil backed by gold, which is even more powerful and will strengthen oil," said Maduro.

The head of state hopes that crypto-ways will help Venezuela overcome US financial sanctions as it fights against hyperinflation and a collapsing socialist economy.

"Instead of buying the gold-backed crypto-gold, I just went to buy my gold." Gold is a physical thing you want to keep in your hands, and that's the goal, "said Sean Walsh, founder of the Redwood City Ventures crypto investment company.

El Petro crypto-flu started officially in Venezuela this week. The country boasts that it received $ 735 million on the first day of its sale.