Venezuela’s New Official (Crypto)currency

This article was published on: 10/4/18 7:37 PM

Maja MazurWritten by | cryptocurrency, news, regulations

Nicolás Maduro, Venezuelan president makes not even a year old Petro (PTR) a new official currency of Venezuela. It is supposed to help the country’s battle against the economic crisis.

Petro for everyone

Petro (PTR), Venezuelan cryptocurrency backed with real-life resources, like national oil reserves, was first introduced in December last year and launched in February 2018. Now the president Nicolás Maduro decided to officially make Petro a new national currency.

On October 1st, the Venezuelan president presented National Integral Plan of Cryptoacitivies for the next 10 years. It includes putting Petro into public circulation and making it possible for people to use it for international business transactions. It can also be used for booking hotels or plane tickets and in the real estate market. The whole conference, featuring the most important people of the Venezuelan government, was transmitted on both radio and television. A couple of essential details were shared on Maduro’s twitter as well.

New White Paper

Along Maduro’s statement, the new White Paper for Petro was published. It features the description of Venezuelan cryptocurrency, its global influence, technological base, usability, price, and more. The booklet also includes infographics presenting possible ways of using Petro for everyone. The Venezuelan cryptocurrency is said to be strong and stable, thanks to being oil-backed. But it turns out not only oil barrels stand behind Petro. It’s also Venezuelan gold, iron and diamonds.

petro

A solution for all problems

Venezuela has been struggling with an economic crisis for years now. The inflation was so high, that President Maduro decided to announce denomination of the currency. The previous bolívar fuerte (strong bolivar) was replaced by a new coin, bolívar soberano (sovereign bolivar) on 20th  August this year. The government is forcing a lot of reforms to help the weak economy. Introducing a new cryptocurrency and putting it into public circulation was definitely one of them.

“Today is an important day for the Programme of Economic Recovery”, stated Venezuelan Prime Minister on the day that Petro became an official Venezuelan currency.

 

Image from Petro White Paper

Last modified: October 4, 2018

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