VENEZUELAN President Nicolas Maduro announced the launch of a new digital “crypto-currency” on Sunday in the face of a financial “world war.”

The “petro” currency will be backed by Venezuelan reserves of gold, oil, gas, and diamonds, the president said during a marathon seasonal edition of his Sundays with Maduro TV programme.

“This is going to allow us to move forward to new ways of international financing for the country’s economic and social development,” Mr Maduro said.