On Wednesday, December 27, President Nicolás Maduro offered new details on the functioning of Petro, the Venezuelan state's cryptocurrency. Among the announcements, President Maduro reported on the physical support of the currency in more than 5 billion barrels of oil and its relationship with the "Chamba Juvenil" plan.

"We're laying the groundwork for the Venezuelan cryptocurrency. We have to explain, Jorge[in reference to the Minister of Communication and Information, Jorge Rodriguez], how is a cryptocurrency, how will the Venezuelan people have access and what benefits it has,"Maduro said during an official ceremony held Wednesday at the Ciudad Tiuna complex.

Rodriguez will be responsible for providing more details this December 28, according to Maduro. There are still a lot of people who don't know what that is, don't worry (...) we have to keep explaining what it is and its benefits. Venezuela is the first country to create its first cryptomoney with material support. We are at the forefront,"the president said.

"Here I have the document where I am going to formalize the delivery of field No. 1 of the Ayacucho block of the Orinoco Oil Belt so that it is the material base of sustenance in richness of the cryptocurrency the Petro, field No. 1 that has 5 billion barrels of oil certified internationally."

In accordance with Decree No. 3,196 contained in the Extraordinary Gazette, the President of Venezuela has decreed in the Official Gazette the creation of the Superintendency of Cryptoactives of Venezuela, which will be responsible for the first issue "by auction and assignment" of the national cryptocurrency Petro. This decree established the equivalence between a Petro and a barrel of oil and its possibility of exchange for physical crude.

Thus, according to the Extraordinary Official Gazette 6,342, the basis of this certified material equivalence means the creation of more than 5,000 million tokens, specifically 5,352 million tokens associated with the estimated amount of barrels of oil in this field. This amount of oil is equivalent to more than 300 billion dollars according to the current price of oil.

He also said the Venezuelan government will "capture" young talents with knowledge on the topic of cryptoactives, especially among those included in the work plan called "Youth Chamba", which already has more than 860,000 registered, according to Maduro. These young people will help the Venezuelan state to create mining farms, although it did not clarify how.

Now we, the less young, are learning that this world exists. We're going to call them, that special team, to set up farms in every state and every municipality,"he said.

Maduro also affirmed that Petro is part of the "surprises" for 2018, referring to the allocation of bonds and other State donations to some Venezuelans through the' Carnet de la Patria'. These announcements are revealing the characteristics of the Venezuelan state's cryptoactive, which has been conceived as a potential palliative of the crude economic crisis in the Latin American country.

In addition, on December 23 the Superintendency of Cryptocurrency created a registry for miners operating in the country. The Minister of Science and Technology, Hugbel Roa that the process will be open until January 21 next year.