Venezuela Plan Real Life Use for its Cryptocurrency: Petro

Venezuelan President Nicolás Maduro has announced that the Petro will be used as a unit of account in the country for salaries as well as goods and service.

A solution to the country’s hyperinflation and a means to bypass western economic sanctions, Venezuela has created its own cryptocurrency, the Petro. Venezuela’s major asset is its substantial oil reserves, and the Petro is backed by this asset. This government’s cryptocurrency project took off last February.

Yesterday, Nicolás Maduro, the President of Venezuela, has declared that the Petro will be used for paying salaries, and as well as goods and services. He identifies it as the country’s second official currency. In doing this, Venezuela will have two national currencies: the Petro and the Sovereign Bolivar, where one is pegged by the other.

As of next Monday, Venezuela will have a second accounting unit based on the price, the value of the Petro.

Nicolás Maduro, the President of Venezuela

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