Venezuela’s Maduro has increased the Petro’s value from 3,600 to 9,000 bolivars in the midst of ongoing inflation in the country.
In 2017, president of Venezuela, Nicolas Maduro, announced the development and issuing of an official Venezuelan cryptocoin — El Petro cryptocurrency — for Venezuelan citizens. According to the president, the Venezuelan digital currency Petro’s meaning for the country is a way to become more financially independent and to resolve all problems in the economy of the republic. El Petro cryptocurrency’s value is supposed to be dependent on Venezuelan reserves of oil, gold and diamonds. However, the technical aspects of issuing such virtual currency remain unknown. Most likely, the concept of the coin is still just in written form without any real implementation. In terms of Bitcoin and other altcoins, they have already become very popular in Venezuela, as its citizens use it to protect themselves against hyperinflation.
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