In December 2017, Venezuelan President Nicolas Maduro announced that the South American nation’s government was going to launch an oil-backed cryptocurrency called the Petro. Since then, the cryptocurrency’ actual existence has been questionable, but CCN recently got our hands on some tokens. Venezuela’s Petro Cryptocurrency Exists Ever since Maduro’s announcement, the Petro has been a controversial cryptocurrency. Maduro has claimed 100 million tokens were to be issued and has since made it an official alternate currency in the country. The Venezuelan leader has pushed its adoption by forcing organizations in Venezuela to use the Petro, and by converting pensioners’ payments to it
Venezuela’s oil-backed cryptocurrency Petro (PTR) appears to be a “blatant” copy of Dash, as it has the same mining algorithm, similar features, and a part of its whitepaper appears to have been lifted from that of the privacy-centric cryptocurrency. As first pointed out by Ethereum developer Joey Zhou on Twitter, the oil-backed cryptocurrency’s whitepaper has on
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President Nicolas Maduro of Venezuela has announced the creation of a new national digital currency – the Petro. He believes that this cryptocurrency will fight off the effects of the US-led sanctions.
The economic situation in Venezuela is in total freefall. The once-prosperous South American nation has descended into chaos over the last few years as the central government has become more authoritative. The national currency, the bolivar, has fallen in value by a staggering 95.5% against the dollar in the past year alone. But the dictatorial president of Venezuela, Nicolas Maduro, has a solution: the creation of a national digital currency called the Petro.