The Venezuelan government is making a strong push to further legitimize the country’s state-owned cryptocurrency, Petro, and end its dependence on the us dollar.

Late last night, President Nicolas Maduro announced during a state broadcast that he would soon create several Petros-denominated public funds as a way to promote economic development. Additional resources will also be provided to the administrative division of each state in Petros, Maduro said.

“I assign 1 million bi – monthly petropos as of November to all States and protectorates – through corporations that we are going to create-as a way of investing for their free use in attention to their priorities,” Maduro said during the broadcast. 

The plans Bitcoin Venezuela desperate “ploy”, said the acting President of Guido

“In specific terms, this means that my compatriots, we assign from 1,354,000 euros to 3,249,600 euros to governors and protectorates,” he said.

The announcement followed Maduro’s admission that his government owns an undisclosed amount of Bitcoin and Ethereum as part of its international reserves, and that he plans to develop a mechanism to pay debts and charge for services using cryptography to bypass the US. Sanctions’.

Petro, of course, was born because of the supposed need to overcome these same sanctions. And now, it seems that Maduro is introducing an aggressive plan of action for the implementation of these Petrusov in the appeal for financing of Venezuela’s economy.

During his speech, Maduro announced the creation of a number of other petrofundo-industrial funds for the development of agriculture and industry, as well as for the purchase of materials and raw materials that can not be acquired by traditional means because of the blockade of the country’s accounts.

These funds include a cache of 1 million petroleum products destined for agricultural development; more than 600,000 Petro-materials for industrial resources and machinery; 4 million Petro-materials for the telecommunications sector; the equivalent of 9 million euros in Petro-oil companies for 70 national road works projects; and 2 million Petro-dollars for a joint Fund with China.

Maduro said the funds would be backed by fiat, such as us dollars or euros, or its equivalent in, er, more Petros, although he did not elaborate.

More details about Maduro’s plan will likely not be released until it is published in the country’s official Gazette.