The Petro, the Venezuelan cryptocurrency devised by the president, Nicolás Maduro, to pay international suppliers in the face of the country’s shortage of currency, turned three years since its launch on Saturday, February 20. 

In 2018, Maduro defined the petro as “a sovereign crypto asset backed by oil assets”, whose objective would be to carry out transactions “safely and directly to avoid blockades and embargoes”, in addition to obtaining new resources for the country.

Likewise, the Caracas authorities claimed to have received purchase orders amounting to 596,000,000 euros. Currently, the exchange between the Petro and the Venezuelan bolivar reaches 96.6 million bolivars for each cryptocurrency.

The president went on to affirm that the token would serve “as a platform for the growth of a fairer and more favorable financial system for national development.”

On July 2020, the national president advocated turning cryptocurrency into the usual unit of exchange for transactions in the agri-food sector, in order to put it at the center of the “national effort for the production of people’s food, as a strategic element.”

Source: Elsumario

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