Suffering from hyperinflation, Venezuela tries to find its way to combat economic isolation and monetary instability.

The National Virtual Currency could help this Latin American country to survive. Amid the cryptocurrency rush all over the world, the president of Venezuela Nicholas Maduro followed the trend and announced plans to launch El Petro, a Venezuelan national cryptocurrency.

“Venezuela announces the creation of its own cryptocurrency that will be called El Petro. It will allow us to use new methods of international financing for the economic and social development of the country,” Maduro said in his weekly appearance on the national TV.

The cryptocurrency will be backed by Venezuelan natural resources such as oil, gold, gas, and diamonds.

Maduro also announced the launch of blockchain research center, which will be attached to the Ministry of University Education, Science and Technology.

“In order to create this center, we will form a multidisciplinary team of 50 specialists in the areas of technology, economics and finance, legal, monetary area, media and others,” Maduro explained.

Earlier, tech investor James Altucher predicted that bitcoin could rise to $50,000 after national currencies in any world countries, most likely Venezuela or Argentina, fails. This will lead to mass adoption of bitcoin among that populace and lead to bitcoin rising.