MEXICO CITY (Sputnik) - Venezuelan state-owned oil company PDVSA will carry out all transactions in petro cryptocurrency starting from August 20, President Nicolas Maduro said.

"All PDVSA operations will be conducted in Petro, this is a fundamental change to the country's monetary system," Maduro said. According to the president, both petro and bolivar will be in circulation starting August 20, and petro will be pegged to bolivar.

"The central bank will start publishing the official figures for bolivar-to-petro exchange rate," Maduro said.

The president added that August 20 would be a day off for the Venezuelans so that the new money could be introduced smoothly and people could begin the adaptation period.

Maduro added that the wages would also be linked to petro, but did not provide any further details.

In July, Maduro ordered for the ailing national currency to be redenominated amid hyperinflation.

"The new bolivar will be issued on August 20 and will be tied to the petro [cryptocurrency]… We will also knock five zeros off the bolivar," Maduro said.

In February, Venezuela launched its own petro cryptocurrency backed by the country's oil reserves. Petro, a digital coin, became reportedly available to the general public in March following a month of $6 billion worth of presales.

Venezuela has been in a deep economic and political crisis, affected by a global slump in oil prices and US sanctions imposed after Washington blocked US investors from buying Venezuelan bonds.