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.
The Central Bank of Venezuela is rolling out a CBDC in October and will launch an SMS-based exchange system to facilitate its use.
Venezuela to launch CBDC in October — And cut six zeros from its currency
The Venezuelan army turns to crypto mining as the country's economy collapses.
Venezuelan army starts mining Bitcoin to make ends meet
Venezuela has announced a 90-day trial for a decentralized stock exchange supporting “alternative digital assets” and fiat currencies.
Venezuela trials ‘decentralized stock exchange’ that's open to the world
Crypto garnered another mention in one of Maduro's bombastic speeches.
Maduro claims crypto will play role in fighting sanctions against Venezuela
The Venezuelan government has not yet announced partnerships capable of listing PTR abroad.
No, you can’t buy Venezuela’s Petro on any overseas exchanges
Venezuelan mayors agreed to join the government’s plan to expand the adoption of Petro despite some municipalities not having the technology to handle it.
Venezuela May Soon Be Collecting Taxes in Crypto
The government of Nicolas Maduro claims that 15% of fuel payments at petrol stations were made using the state-backed Petro token.
Venezuelan Petro Payments May Be on the Rise