Petro

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Venezuela abandons the “oil cryptocurrency” PetroVenezuela authorities have recognized the experiment with the launch of the state cryptocurrency Petro, backed by oil, as unsuccessful. The project will cease to exist on January 15, after 6 years of work. The Petro (PTR) or El Petro cryptocurrency appeared in 2018 and was supposed to help Venezuela circumvent US sanctions. Unfortunately, the coin never became widespread. Cryptocurrency can still be traded on the only platform - the state website Venezuelan Patria, which does not even support two-factor authentication, not to mention more modern account protection systems. The launch of the Petro coin took place shortly after a large-scale fall in the value of the national currency, the bolivar. Even then, Venezuelans turned to Bitcoin and other cryptocurrencies to preserve their savings. According to the plan of the government led by Nicolas Maduro, the state cryptocurrency will be backed by oil, which Venezuela is rich in, and will reduce the outflow of funds from the economy. And in the future, as expected, El Petro will be used for payments when purchasing oil. Note that new functions in the Petro cryptocurrency appeared until 2020, but the coin was never traded on any foreign exchanges, despite Maduro’s efforts. At the same time, the government never accepted El Petro as legal tender in the country, which put an end to its widespread daily use among the population. However, it could be used to pay taxes. $BNB

The <t-37/><t-38/>#Petro Petro, the cryptocurrency created by the Venezuelan government in 2018, was promoted as a stablecoin backed by natural resources such as oil, gold, and diamonds. Nicolás Maduro presented it as a solution for the Venezuelan economy, but its implementation faced multiple problems. Despite its ambitious launch, the Petro never managed to establish itself as a reliable digital currency. In March 2023, all operations with the Petro were suspended following a corruption scandal at PDVSA, in which billions of dollars were diverted. Although it initially saw some use in paying taxes, salaries, and services, its adoption was limited and its value was fixed at $60 by the government, which generated distrust. Currently, the Petro appears to be in an "induced coma," with little prospect of recovery.