Venezuela to Use Petro in Global Commerce
September 24, 2018
Venezuelan authorities have reported to use its own state digital currency in cross-border trade. The statement was voiced by the country’s president Nicolas Maduro.
Maduro believes, the Petro digital currency is very popular at the crypto market today. Using this asset in international trade relations will upgrade state economy.
Yet Maduro did not mention how exactly the national cryptocurrency is meant to be applied. Nor did he specified the period of time to start operations in Petro.
The experts say that the Petro is not in the focus of investors’ attention as the currency actually is not backed anyhow although the government told their token is pegged to the country’s oil resources.
It is remarkable that the government planned to back its digital currency with only one of the oil-deposits but the government lacked funds to develop these resources. Therefore the digital currency is backed with oil the government has no access to.