Mr. Maduro gave no details in his TV address about what the new currency's value would be, how it would work or when it would be released.
During the broadcast, Maduro revealed that the cryptocurrency will be backed by commodity reserves including oil, diamonds, and gold.
Maduro said the proposed cryptocurrency, called "petro", will help combat the US' "blockade" against the country.
Opposition leaders in Venezuela, reportedly, have rejected his idea. They said that it still required an approval from the Congress. Venezuela is now lacking in fundamental needs such as medicine and food.
The U.S. had imposed sanctions against PDVSA executives, Venezuelan officials, and the country's debt issuance.
The announcement bewildered some followers of cryptocurrencies, which typically are not backed by any government or central banks.
Maduro views it as a fight against a Washington-backed conspiracy to sabotage his government and put an end to socialism in Latin America, and went as far as declaring a financial "world war". In just one month, there has been a 57% depreciation in the bolivar vis-à-vis the dollar owing to uncontrolled money printing and currency restrictions. This led the monthly minimum wage in the country down to a mere $4.3.
For the millions of Venezuelans plunged into poverty and struggling to eat three meals a day, Maduro's announcement is unlikely to bring any immediate relief.
He could now be seeking to pay bondholders and foreign creditors in the currency amid a plan to restructure the country's major debt burden, opposition leaders said, but the plan is likely to flop.
According to opposition leaders and economists, Maduro, who was previously a union leader and bus driver, has carelessly refused to alter Venezuela's restrictions and curtail the severe economic meltdown.