Much Controversial Venezuelan Cryptocurrency Petro Finally Launched

Oct 7, 2018 at 17:07 Update Date :Oct 7, 2018 at 17:07 UTC

As per the local News, the Petro public sale will start on November 5, 2018, more than eight months after its presale in February 2018. For President Maduro, the state-issued cryptocurrency is an imperative piece of his organization’s financial recovery plan.

In a recent tweet, the Venezuelan president depicted the Petro as fortifying the country’s economic recovery. He additionally said that the controversial cryptocurrency could cause a change in worldwide tokenomics. As per President Maduro, the Petro will introduce novel types of fiscal trade, exchange, and finance.

Venezuela’s Petro is reportedly sponsored by the nation’s mineral assets, including oil. At the point when previously reported, each ‘Petro coin‘ was said to be sponsored by one barrel of Venezuela’s estimated five billion barrels of raw crude reserves.

Venezuelans hoping to get travel visas will now need to pay for them utilizing the state-issued digital currency. This move seems, to be another attempt to improve the cryptocurrency’s status as legal tender in the nation. In mid-April, President Maduro requested all administration establishments to start accepting the Petro.

As indicated by the South China Morning Post, travel passports currently cost two Petros ($115 or 7,200 bolívars). This sum is around four times the country’s lowest pay permitted by law, making it amazingly, one more obstacle for many, hoping to get away from the economic hardship in the nation.


While the government tries to invoke utility for the national digital currency, critics say there is no confirmation of the Petro’s presence in Venezuela. A Reuters contemplate published in late August uncovered the virtual cash “is difficult to spot anyplace.”

Addressing the BBC recently, Alex Tapscott of the Blockchain Research Institute says none of the administration’s claims about the digital currency, confronts the data available in the business. Remarking further on the issue, Tapscott stated:

The administration says every unit of the petro is upheld by oil. However, we have no evidence by any means. There is very little technical data of it.


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