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Petro (cryptocurrency)

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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.

History[edit]

The petro was announced by Venezuelan President Nicolás Maduro in a television address on 3 December 2017.[1] Maduro stated that the new currency would be backed by Venezuela's reserves of oil, gasoline, gold and diamonds;[2] however no timeline for the launch of the currency was immediately revealed.[3]

Maduro stated that the petro would allow Venezuela to "advance in issues of monetary sovereignty",[2] and that it would allow for "new forms of international financing";[1] however opposition leaders expressed doubt that the currency would be practical, considering the economic turmoil Venezuela was undergoing,[2] including the falling value of Venezuela's conventional currency, the Bolivar Fuerte, and $140 billon USD in foreign debt.[3]

References[edit]

  1. 1.0 1.1 "Venezuela Plans a Cryptocurrency, Maduro Says". The New York Times. 3 December 2017. Retrieved 2017-12-03.
  2. 2.0 2.1 2.2 Ulmer, Alexandra; Deisy Buitrago (3 December 2017). "Enter the 'petro': Venezuela to launch oil-backed cryptocurrency". Reuters. Retrieved 2017-12-03.
  3. 3.0 3.1 "Venezuela unveils virtual currency amid economic crisis". BBC. 3 December 2017. Retrieved 2017-12-03.

Template:Venezuelan currency Template:Currencies of the Americas

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