Launched in October 2018, Venezuelan Petro is promoted as the first cryptocurrency fully supported by state and backed by real world assets such as oil. The launch of the currency has often been described as politicized, with Petro receiving an equal measure of both supporters and detractors.
Venezuelan Petro (Petromoneda, PTR) was announced in December 2017, followed by its launch as the country’s second official currency in August 2018. While its name draws association with oil, Petro’s backing by it is limited to 50%, with 20% being reserved for gold and iron and 10% for diamonds.
Despite its slow progress towards wider adoption, Petro aims to resolve several issues plaguing Venezuelan economy before potentially gaining global acceptance, such as moderating the skyrocketing inflation in its home country and reducing the negative effects of plunging oil prices and the US economic sanctions. Eventually, the creators of Petro want to see it become a global digital means of exchange for payments between countries, particularly those involved in large scale oil production.