…countries, while others are trying to avoid international sanctions. Let’s see what some of these countries are doing with these virtual currencies. Venezuela’s Petro This South American country, with the…
…necessary, as the Petro isn’t really backed by a physical commodity. Instead of being backed by barrels of oil, the Petro is backed by Venezuela’s petroleum reserves. How the fixed…
…one month after its debut, President Donald Trump issued an order banning U.S. citizens from buying or trading petro units. Want to Get Paid in Petro? Recently, the petro made…
…Coffin Furthermore, petro-trading has been banned in the United States by President Donald Trump after officials offered further skepticism of the currency’s properties. Recently, Maduro tied the petro to worker’s…
…directly from the official state-backed treasury platform. There appears to be an element of confusion as to which trading pairs to Petro can be exchanged against. Whilst the official Petro…
…fiat currency, the bolívar, and the Petro. That decree came as a monetary blow, as it immediately devalued the bolívar another 96 percent. After that announcement, one Petro was worth…
…petro, a digital currency first introduced through an initial coin offering (ICO) in February of this year. The currency is allegedly backed by the nation’s oil reserves and has even…
…try and pull its own cryptocurrency out of a hat. 2018 was saturated with stories regarding Venezuela and the petro, a digital asset that President Nicolas Maduro alleged was backed…
…any competition by discouraging the use of bitcoin, Ethereum and other major assets. Too Many Ups and Downs In addition, Venezuela released the petro coin in early 2018. Allegedly backed…
…is consistently proving itself as a much-needed resource, though the statement regarding the petro’s backing has led to controversy. No mention of the oil reserves occurs in the petro’s whitepaper,…
…introduce a sovereign crypto, though the Venezuelan Petro probably isn’t going to be used for much anytime soon. The reason why the Petro is a non-starter is the same reason…
…in petro funds rather than bolivars, which had fallen greatly in value thanks to rapid inflation. It was also decided that only the petro could be used to cover passport…
…in the form of the petro, but the currency has been so enveloped in controversy since its debut that bitcoin has ultimately taken the top rung on the financial ladder….
