The Venezuelan government has set $60 as the pre-sale value of one petro, the country's national cryptocurrency.
Hugbel Roa, the minister of science and technology, said the digital currency's initial price is based on the approximate cost of a barrel of crude oil produced in the country in mid-January, and that the currency will be backed by the country's vast oil reserves.
The Petro's value will be subject to change, corresponding to fluctuations in oil price.
An official petro white paper that President Nicolas Maduro unveiled Tuesday says that the government will issue 100 million "oil-backed" Petro units, out of which 38.4 million will be available for sale between February 20 and March 19.
Venezuela, which has the world's largest proven oil reserves, has allocated five billion barrels of oil to back Petro.
In December, Maduro had called on his Latin American counterparts to join him for the creation of a common cryptocurrency for the region.
The anti-American leader claims a national cryptocurrency will help ease the country's economic crisis, and circumvent U.S.-led sanctions.
Venezuela's economy has been reeling under pressure of the US sanctions, falling oil revenue and the plunging value of its currency, the bolivar.
Venezuela's ability to move money through international banks is limited due to the sanctions.
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