Maduro on Friday announced a massive minimum wage hike, a 96 percent devaluation of the bolivar currency and a plan to peg prices, pensions and the bolivar currency’s exchange rate to the petro, an elusive state-backed cryptocurrency. At the launch, President Maduro said that around 100 million petro tokens would be issued, each of which would be backed by a barrel of the nation's vast oil reserves. "People believe it's backed by oil, but if you read the contract, it’s really not."
Venezuelan President Nicolás Maduro says that the wages for workers in Venezuela must be linked to the petro.