Caracas: Venezuela will launch a Bitcoin-like cryptocurrency within days, to be backed by 5.3 billion barrels of oil, in a bid to offset a deep financial crisis, the socialist government said on Thursday.

President Nicolas Maduro surprised many earlier this month when he announced the "petro", to be backed by OPEC member Venezuela's oil, gas, gold and diamond reserves.

Venezuelan President Nicolas Maduro ordered the central bank to withdraw all 100-bolivar bills from circulation a year ago. Credit:MIGUEL GUTIERREZ

Despite the scepticism of cryptocurrency experts who do not think Venezuela has the wherewithal to pull it off, Communications Minister Jorge Rodriguez said the first petro offering would come within days.

"Camp one of the Ayacucho block will form the initial backing of this cryptocurrency," Rodriguez told reporters, referring to part of Venezuela's southern Orinoco Belt.