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The petro is a cryptocurrency proposed by Venezuela, intended to supplement the bolivar fuerte as a means of securing international financing.
The petro was announced by Venezuelan President Nicolás Maduro in a television address on 3 December 2017. Maduro stated that the new currency would be backed by Venezuela's reserves of oil, gasoline, gold and diamonds; however no timeline for the launch of the currency was immediately revealed.
Maduro stated that the petro would allow Venezuela to "advance in issues of monetary sovereignty", and that it would allow for "new forms of international financing"; however opposition leaders expressed doubt that the currency would be practical, considering the economic turmoil Venezuela was undergoing, including the falling value of Venezuela's conventional currency, the Bolivar Fuerte, and $140 billon USD in foreign debt.
- "Venezuela Plans a Cryptocurrency, Maduro Says". The New York Times. 3 December 2017. Retrieved 2017-12-03.
- Ulmer, Alexandra; Deisy Buitrago (3 December 2017). "Enter the 'petro': Venezuela to launch oil-backed cryptocurrency". Reuters. Retrieved 2017-12-03.
- "Venezuela unveils virtual currency amid economic crisis". BBC. 3 December 2017. Retrieved 2017-12-03.
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