Petro

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Petro (PTR)
Petro.png
Founded 2017
Headquarters Venezuela
Key People Nicolás Maduro, President of Venezeula
Products Petro digital token
Website Petro Home Page (English)

The petro (PTR) is the national cryptocurrency of Venezuela.[1][2]

Overview

As of August 20, 2018, the petro is now the country's second official currency. It is a stablecoin tied to the country's local oil market and the "sovereign bolivar," its new official fiat currency, making the two currencies equally-valued and interchangeable.[3][4][5]

Since the petro is tied to the sovereign bolivar, this theoretically makes one PTR digital token worth 100,000 "old" bolivars (which is the exchange rate of the new sovereign bolivars to the old ones), though the actual trading value of the Petro has yet to be publicly reported. It is based on the NEM blockchain.[6][7]

Adoption

By the end of August, Petro saw almost no local adoption in Venezuela. Many Venezuelans blamed sanctions placed by Donald Trump forbidding U.S. citizens from investing in the digital currency. By this time, Petro had not been listed on any major cryptocurrency exchange.[8]

In October 2018, Venezuelan president Nicolás Maduro announced that the public sale of Petro would begin November 5, 2018. At the time of this announcement, only one wallet supporting Petro had been developed, which was a mobile wallet available only to Android users.[9]

In December, the Caracas Chronicles, a local newspaper in Venezuela, reported that the Venezuelan government had converted the pensions of government employees to Petro.[10]

In July 2019, president Maduro ordered Banco de Venezuela, Venezuela's national bank, to open Petro trading desks and begin accepting deposits of Petro at all three of its branches in the country.[11]

"Clone" of Dash

In October 2018, Ethereum developer Joey Zhou tweeted that the developers of Petro had blatantly "cloned" the altcoin Dash. He cited various examples from Petro's whitepaper that appeared identical to that of Dash.[12]

Travel restrictions

In October 2018, Maduro announced that all Venezuelan citizens seeking to buy passports would be required to do so using Petro; this announcement came a month before the announced start date for the public sale of the cryptocurrency. This means that the new cost of acquiring a passport in Venezuela is four times the national monthly minimum wage of the country. According to data gathered by the United Nations, approximately 5,000 Venezuelan citizens had been leaving the country each day.[13]

Background

In February 2018 the president of Venezuela Nicolás Maduro, announced the launch of the official Venezuelan national cryptocurrency, the Petro (PTR). Development of the currency was said by the government to have been a response to the devaluation and loss of confidence in the Bolivar, the Venezuelan national currency.[14]

On March 19, 2018, the administration of U.S. president Donald Trump announced, among other measures, a ban on U.S. citizens purchasing or holding Petros.[15]

Petro ICO

Maduro announced in April that the Petro presale had raised $3.3 billion, $1 billion of which would be deposited into the country's central bank. He announced on August 14, 2018, that as of August 20 the Petro would become the official second currency of Venezuela and that the PVDSA, the nationalized oil industry of Venezuela, would be required to use Petros in its accounts. On August 20, 2018, the Petro was officially adopted as the country's second official currency.[16][17][18]

References

  1. Maduro’s Petro cryptocurrency will be an official currency in Venezuela – like the Bolivar. The Next Web.
  2. Here's What Maduro Has Said of Venezuela's Petro Cryptocurrency. Bloomberg.
  3. Maduro’s Petro cryptocurrency will be an official currency in Venezuela – like the Bolivar. The Next Web.
  4. Maduro Adopts the Petro as Venezuela’s Second National Currency. NewsBTC.
  5. Venezuela pegs bolivar to cryptocurrency to save country from economic collapse. The Independent.
  6. Maduro’s Petro cryptocurrency will be an official currency in Venezuela – like the Bolivar. The Next Web.
  7. Here's What Maduro Has Said of Venezuela's Petro Cryptocurrency. Bloomberg.
  8. Special Report: In Venezuela, new cryptocurrency is nowhere to be found. Reuters.
  9. Public Sale of Venezuela’s State Crypto Petro to Commence on November 5. CCN.
  10. Petro Forced Upon Pensioners by Venezuelan Government. Finance Magnates.
  11. Banco de Venezuela Must Accept Petro Cryptocurrency, Maduro Says. Finance Magnates.
  12. Venezuela’s Petro White Paper ‘Blatantly’ Copied Dash, Ethereum Developer Says. Cointelegraph.
  13. Crypto Now the Only Way Isolated Venezuelans Can Buy Passports. Bloomberg.
  14. Venezuela Launches Virtual Currency, Hoping to Resuscitate Economy. New York Times.
  15. White House Bans Venezuela’s Digital Currency and Expands Sanctions. New York Times.
  16. Venezuela to Peg Pension, Salary Systems to Petro Cryptocurrency. Coindesk.
  17. Crypto is Taking Over Venezuela, Due to the Country’s Destroyed Fiat System. NewsBTC.
  18. Here's What Maduro Has Said of Venezuela's Petro Cryptocurrency. Bloomberg.