![]() ![]() The cryptocurrency was also supposed to be backed by Venezuela’s oil reserves, although this again doesn’t seem to have come to fruition. However, it was then launched as a NEM token instead. Unfortunately, the petro was released in February 2018, just as the whole market of cryptocurrencies was beginning to retrace dramatically.Īccording to the white paper, the petrodollar was initially going to be an Ethereum token. Venezuela was the first to do so with the petro. Instead, there were rumours that these countries might create their own cryptocurrencies. Yet they have chosen not to do so as Bitcoin is not a currency that they can control themselves. By embracing Bitcoin, an uncensorable form of money, these states could in effect get around such sanctions. Unfortunately, it is the citizens that usually suffer and not those in charge. These sanctions can have harmful effects on the economies of these states. ![]() Nations such as Iran, Russia, and Venezuela are subject to United Nations sanctions that are used as a deterrent for so-called “bad behaviour”. Keiser even approved of the idea of the Venezuelan petro. There are a few people (such as Max Keiser) that have long argued for nation states to throw away the shackles of traditional currencies and embrace Bitcoin. Here is the story of how the Venezuelan petro came to be and what its future might hold. Venezuela and its president Nicolas Maduro though have rarely ever been fans of the United States. Through its partnership with the OPEC nations and with oil having to be purchased in US dollars, the USA was able to tighten its grip of hegemony on a large part of the world. The “petrodollar” was originally used as the term for how the United States dollar became the global reserve currency. Venezuela, a nation with the largest oil reserves in the world and which is currently ravaged by hyperinflation, is the first nation to create its own cryptocurrency, called the Venezuelan petro.
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