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The Venezuelan President Nicolas Maduro appealed the “Bolivarian Alliance”, consisting of ten states, to accede to the project for the creation of the cryptocurrency —  El Petro secured by oil. Maduro ordered to allocate more than 5 billion barrels of crude oil to support the new currency and ordered the issuance of the first 100 million El Petro. However, the Venezuelan parliament declared that the cryptocurrency is illegal. The Central Bank of Venezuela organized a seminar at which a response to the parliament’s decision was prepared. Minister of Youth and Sports Pedro Infante (Pedro Infante) said that the Venezuelan youth will propose to the parliament “to create a special commission that will be responsible for the implementation of the financial system based on the cryptocurrency of Petro”.

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