The Venezuelan government has launched its new cryptocurrency, the petro, as the country struggles amid United States sanctions and soaring inflation.
Venezuela is mired in a deep economic and political crisis prompted by the fall of oil prices, and has been facing mass protests since spring.
Venezuela's socialist party chief Diosdado Cabello said in radio interview on Tuesday that he proposes holding early elections for members of the country's National Assembly as well.
Maduro was expected to announce further details with the digital coin's official launch Tuesday evening and has touted the petro as the fulfillment of the late Hugo Chavez's dream of upending global capitalism away from the dominance of the USA dollar and Wall Street.
"In our view, if petro goes ahead and the Venezuelan government manages to raise a considerable amount from investors, this could bring more worldwide scrutiny from regulators", said Matthew Newton, analyst at eToro.
But the U.S. Treasury Department has thrown a damper on the release, warning U.S. citizens and companies who buy the petro that they could be violating sanctions.
Cryptocurrency experts are looking at Venezuela's foray into digital currencies with a mix of intrigue and suspicion, excited by the prospect of a government willing to accept cryptocurrency for payments like taxes but also concerned about the potential lack of oversight.
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In total, Venezuela plans to issue 100 million digital tokens, starting with a pre-sale of 38.4 million that starts Tuesday and whose reference price is the current cost of a barrel of oil, or around US$60 (NZ$82).
"They have been trying to figure out ways to get around anti-money laundering sanctions provisions, and crypto is maybe one way they can do that", Venezuelan journalist Francisco Toro told CNBC.
Venezuela's opposition won control of the National Assembly in a 2015 landslide vote that was their biggest electoral victory in almost two decades of socialist government.
The cryptocurrency will be stored in a virtual wallet users can acquire after registering online.
For months the opposition has tried to negotiate more favorable terms with the government through a series of meetings in the Dominican Republic, as part of an global effort to remedy the country's political stalemate.
Maduro says his government is the victim of an "economic war" led by opposition politicians with the help of the government of U.S. President Donald Trump. One document highlights the use of Ethereum network while another document which is now being referred to as the buyer's guide shows the use of NEM blockchain system.