Though there were a lot of doubts about the existence of the Petro, now it is obvious that this oil-backed crypto really exists.
In 2019, Venezuela will start selling oil in exchange for Petros and bypass US-imposed sanctions.
A new initiative of Venezuela aimed at boosting Petro adoption presupposes making it the main digital currency backed by oil.
Petro cryptocurrency is to receive an official status of the Venezuelan second official currency, which is believed to be a tool for overcoming economic difficulties.
Seeking to get out of the rampart economic crisis, Venezuela bets it all on new national currency anchored to controversial “Petro” token.
Venezuela President Nicolas Maduro makes boisterous claims of raising $750 million in just a few hours, without backing it with sufficient evidence.
The new cryptocurrency has faced lots of resistance but finally made its way through – the 82.4 million tokens are already available.
The oil-based digital currency fails before launching: it is claimed to violate the Constitution of the country.
To counter the U.S. led financial sanctions and the collapse of its own currency ‘bolivar’, Venezuelan President Nicolas Maduro has announced the launch of its new state-owned cryptocurrency ‘Petro’.