The petro (₽), or petromoneda, launched in February 2018, was a crypto token issued by the government of Venezuela.
Country
Venezuela
Inception
February 20, 2018
Website
https://www.petro.gob.ve/
Not who you're looking for? Others named petro: male given name
Overview
The petro (₽), or petromoneda, launched in February 2018, is a crypto token issued by the government of Venezuela.
Announced in December 2017, it is supposed to be backed by the country's oil and mineral reserves, and is intended to supplement Venezuela's plummeting hard bolívar currency, as a means of circumventing U.S. sanctions and accessing international financing. On 20 August 2018, the sovereign bolívar was introduced, with the government stating it would be linked to the petro coin value.
As of January, 2020, Venezuelan president Nicolás Maduro decreed it mandatory to pay with petro for government document services and airplane fuel for planes flying international flights.
History
Venezuelan president Nicolás Maduro announced the petro in a televised address on 3 December 2017, stating that it would be backed by Venezuela's reserves of oil, gasoline, gold, and diamonds.
