Without offering specifics as to how or when the currency would launch, Maduro added it would help Venezuela "advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade".
Maduro, a former bus driver and union leader who took office in 2013, didn't reveal a lot about the yet to be launched cryptocurrency named "Petro", or how the country would go by developing and distributing it but did proclaim "the 21st century has arrived!"
"Venezuela will create a...cryptocurrency to advance monetary sovereignty, as it will help to overcome the financial blockade and thus move towards new forms of global financing for the economic and social development of the country".
Venezuela President Nicolas Maduro speaks during his weekly radio and TV broadcast on December 3, 2017.
The announcement throws light on how the sanctions implemented by President Trump in 2017 have hurt Venezuela's ability to transact money via global banks. Venezuela is now lacking in fundamental needs such as medicine and food.
The U.S. had imposed sanctions against PDVSA executives, Venezuelan officials, and the country's debt issuance.
Hyperinflation has eroded the Venezuelan bolivia's value by 97% this year, making imports incredibly expensive and causing many to abandon trust in the currency.
Maduro's administration does not have a brilliant history in financial policy.
Currency controls and excessive money printing have led to a 57 percent depreciation of the bolivar against the dollar in the last month alone on the widely used black market. "This has no credibility", opposition lawmaker and economist Angel Alvarado told Reuters. The decision was taken after Caracas November 12, missed the deadline for the payment of $ 200 million for two long-term loans, and Vice-President of Venezuela, Tarek El-Issam at the meeting with global lenders have not offered any way out of financial difficulties.