Venezuela is planning to establish a central bank only for cryptocurrencies and a move to reform country’s constitution in this regard is underway.

Local media reports say a draft on amendment to Constitution will be presented before the board of the Constituent Assembly in 35 days.

The constitutional change will be brought along with setting up of a court above its Supreme Court, which will be likely named as E-court.

But it is still unknown what major changes will be brought to the Constitution.

Media further reported the changes may include the Petro, an oil-backed country’s own cryptocurrency launched this year.

Venezuela is leaning to cryptocurrency following sanctions against it by the US.

The country thinks adapting digital currencies is an effective alternative to bring foreign investors and to avert adverse impact caused due to international sanctions.

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