Ever since cryptocurrencies came into existence, they have continued to grow. The latest nation to cash in the trend is Venezuela with its head of state announcing that the nation is set to release its cryptocurrency called Petro. While speaking to the journalists of El Nacional Nicolas Maduro praised the technology plus confirmed that his state would be willing to let go of resources like oil to fund their digital currency. Furthermore, he mentioned that shares of their gold will also go on sale for the same reason.
Nicolas also mentioned that they have done quite well in bringing this currency to the everyday life of its people. Just recently during the holiday season, approximately 6 million people in the nation made use of Petro as a mode of remittance when they were either buying or selling different possessions. Moreover, the label #PetroApp was the top trending twitter label across the nation.
October 2017, Venezuela declared that they were launching their currency known as Petro and in February of 2018 Petro finally started to sell in the market. A Russian news outlet known as TASS outlined that Petro is equivalent to a cask of oil in Venezuela.
Since the oil rates and Petro go hand in hand, when Petro was being launched in 2018 the government stated that they are willing to sell 5 billion casks of oil to support Petro. Later that number massively descended when they alotted just 30 million casks of oil to support it.