A Short History of the Petro, Venezuela’s Cryptocurrency

Two years ago, the whole world was talking about Petro, the Venezuelan cryptocurrency, at its introduction. What did it promise, what could it deliver?

RIO DE JANEIRO, BRAZIL - In reaction to the economic crisis in Venezuela, which has been ongoing since 2013, the government of President Nicolás Maduro officially began selling a specially created cryptocurrency, called the Petro, in February 2018.

On the one hand, this was intended to circumvent the tightened economic sanctions imposed by the USA, which made it more difficult for the government to access international capital.

On the other hand, by theoretically linking the Petro to the price of oil, the government pledged to provide a stable alternative to its national currency, the "bolívar fuerte", which at the . . .

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