The President of Venezuela has announced the launch date of the Petro, Venezuela's new cryptocurrency, which has been designed to help aid the country with its current financial crisis. Maduro announced on Tuesday the 30th of January that Petro sales will begin on the 20th of February, 2018. 

The president released a photograph that depicted him and some high-ranking government officials seated for the meeting in which the release date of the coin was announced. 

However, the new coin has come under heavy criticism from critics who have hit out against the Petro, labelling it "illegal" and branding the move a questionable attempt to help pull the country out of the economic crisis within which it currently finds itself.

Maduro has stated that the government plans to create and release 100 million tokens, each of which will be backed and valued by one barrel of crude oil. This would mean that the combined worth of every Petro in production would be valued at over $6 billion.

Venezuela's government has asserted that the Petro is designed to help tackle the country's financial crisis by strengthening the economy against US sanctions, and by helping them to process financial transactions.