COM has chosen English as your language setting. Americas Venezuela’s Bitcoin: Is the cryptocurrency called ‘petro’ a damp squib? Steve hanke bitcoin wallet’s government wants to launch a cryptocurrency this month, but analysts are not giving it much of a chance. Venezuela’s Information Minister Jorge Rodríguez said at a press conference on state television at the end of the year that it was a question of a few days before the Venezuelan government would be spending its own cryptocurrency for the first time.
The program is called “petro”: The value of each unit of currency is to be covered by one barrel of crude oil. If “petro” were to be launched in this form in January, it would arguably be the first cryptocurrency whose value would be covered by raw materials. It would also be the first cryptocurrency to be issued by a state. This would make petro a novelty in two respects.
The Venezuelan government is already celebrating its role as a pioneer. Read more: Bitcoin, cryptocurrencies — how do they work? However, it is by no means the only institution that has come up with this idea. I already proposed it,” Steve H. I believe that it is going to happen at some point: A cryptocurrency with constant purchasing power, secured by the fact that it can be converted into a selection of several raw materials.