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.
Around 6 to 8 million Venezuelans were airdropped half a Petro each by the government, with many trying to sell it for half the official price.
Venezuelans Selling Petro on LocalBitcoins at Half the Official Price
Nicolas Maduro, president of Venezuela, announced on Friday the opening of a new crypto-run casino in a battered country where betting halls have all but gone e...
Maduro Announces Crypto Casino in Support of Petro and Public
The president of Venezuela, Nicolas Maduro, has announced that the state-owned PDVSA oil firm will sell 4.5 million barrels of oil for Petros.
Maduro Orders State-Run Firm to Sell 4.5M Oil Barrels for Petro
Maduro’s government promises half a Petro each to more than 8 million Venezuelans as part of a Christmas bonus.
Christmas Bonus?: Maduro’s Gov’t Promises 8M Venezuelans Half a Petro Each
Nicolas Maduro said that national oil inventories are ready for immediate commercialization to serve as backing for the Petro.
Venezuela Cuts Petro’s Backing from 5B Barrels of Oil to 30M: Reuters
Venezuelan President Nicholas Maduro announced that country’s retirees and pensioners will be paid their Christmas bonuses in Petro.
Venezuela to Pay Retirees and Pensioners Christmas Bonus in Petro
Last week, the president of Venezuela appeared on national television holding a Trezor wallet. Was it just a stunt?
Venezuela President Maduro Is Not Pro-Crypto, He Just Likes Petro