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.
World’s Largest Pension Fund Lost the Equivalent of Bitcoin’s Entire Market Cap in Just Three Months
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
The U.S. government issued a $5 million bounty to the supervisor of the Petro, but court documents suggest that crypto has little to do with alleged sanction ev...
US Government Puts Out $5 Million Bounty for Petro Supervisor
Venezuelan petrol stations now support the state-issued Petro cryptocurrencies, however, the rollout comes amid an aggressive adjustment to the country’s petrol...
Venezuela Raises Petrol Prices, Mandates Support for Petro at Gas Stations
Signs indicate that Venezuela’s state-backed cryptocurrency quietly underwent a hard fork earlier this month.
Venezuela Appears to Have Hard Forked The Petro
Venezuelan digital asset exchange Criptolago has introduced SMS-based cryptocurrency transfers.
Top Venezuelan Exchange Launches Support for Offline Bitcoin Transfers
Despite the high level of privacy, Venezuela’s national crypto could not help avoid international sanctions nor even cover the illicit activities of the country...
Petro Couldn’t Save the Cartel of the Suns Conspiracy From the Sting of Sanctions
As Venezuelan hospitals face widespread shortages, President Maduro is by airdropping Petro tokens to doctors.
As Hospitals Crumble, Venezuela's President Airdrops Petros to Doctors