The #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.
1. Promises vs. Reality:
- The Petro was heralded as an innovative solution for the Venezuelan economy, but its implementation was plagued by technical, regulatory, and distrust issues.
- The lack of decentralization and government intervention in its value distanced it from the attractive features of other cryptocurrencies like Bitcoin.
2. Corruption and Crisis:
- The PDVSA Crypto scandal, in which between $13 and $16 billion were diverted, marked the beginning of the Petro's decline.
- The resignation of Tareck El Aissami, Minister of Petroleum, and the intervention of the National Superintendency of Cryptoassets (Sunacrip) demonstrated the magnitude of the corruption.
3. Limited Adoption:
- The Petro never achieved mass adoption. Its use was limited to specific transactions, such as tax payments and pension benefits, but it never became an everyday currency.
- Lack of knowledge about cryptocurrencies and distrust of the government hampered their expansion.
Uncertain Future:
- Although its demise has not been officially announced, the Petro appears to be in a state of "induced coma." The government has begun to unlink it from certain services, such as the price of passports, suggesting its gradual abandonment.
Experts like Aaron Olmos and Enrique De Los Reyes point out that, although Venezuela's regulatory framework for cryptoassets was pioneering, the Petro fell far short of expectations.
The Petro was an ambitious experiment that ended up falling victim to corruption, mistrust, and lack of adoption. Although it initially generated expectations, its centralization and dependence on the government kept it from being a viable cryptocurrency. Its future is uncertain, and it will likely remain a case study of the challenges of implementing cryptocurrencies in complex economic and political contexts.