State cryptocurrencies: Venezuela ready to sell crude oil using Petro

By Roberto D. | CryptoFarm | 17 Jan 2020

Petro, the Venezuelan state crypto, has long been a mysterious object in the world of encrypted currencies; Officially launched in 2017, the project has continued to track so much that many observers had practically died.

The project in question, however, is far from stuck, indeed, in recent times the Venezuelan government has started to press the accelerator, first using the Petro (PTR) to finance the construction of popular housing and then, more recently , for the payment of the thirteenth.

The feeling, therefore, begins to be that the project is solid and that, simply, the Venezuelan government has wanted to do things calmly and for good; Maduro, the president of Venezuela, strongly believes in the PTR and seems to be one of the few heads of state currently to have fully understood the potential of cryptocurrencies.

It is therefore no coincidence that Maduro himself recently signed a decree that provides for the sale of 4.5 million barrels of oil by the state-owned company that manages production, and then moves on to a new paradigm in which it is planned to sell 50 thousand barrels of oil per day using PTR to regulate transactions; all this, according to the declarations of the same government, will serve to better and more fully explore the potential offered by the new currency.

In addition, with the same decree, the Venezuelan government also laid the foundations for all aircraft fuel used on international routes to be sold by regulating PTR transactions; the problem, at least to date, remains that this cryptocurrency is not yet listed on any platform, assuming that this is not exactly the will of the Venezuelan government.


The doubt, in other words, is that there is a political will to avoid the quotation of the PTR to prevent the jackals of international speculation from rushing over it, destroying it as they have already done with Bolivar (the previous legal tender currency of Venezuela) .

In any case, the government's plans are not known to the general public, the only thing we know for sure is that Maduro intends to invest a lot on this new currency, as he himself said, in fact, Venezuela intends to open a new path to economy, which guarantees peace, economic prosperity and integration for the peoples of the world.

Always Maduro said that the PTR will be a fundamental tool in the fight against the mafias, deviating so deeply from the media vulgarity that, on the other hand, it indiscriminately boils all cryptocurrencies as tools that are essentially useful only to large organized crime.

As reported by Cointelegraph in an article today, in fact, Maibort Petit, a Venezuelan writer and journalist, spoke of President Maduro's thought by declaring that:

Many people don't want to switch to Petro because they have their dollar business. The mafia and the underworld don't like cryptocurrency for its transparency. 

Many users in these hours are strongly challenging Maduro for all this, some are certainly in good faith, they are people known within the cryptocurrency community and it is not surprising their position against the Venezuelan government because, basically, they are extremely critics against any government; some others, however, seem very trivially to carry on US propaganda, are accounts that normally do not care about cryptocurrencies and, if we want to avoid being naive, the feeling is that they are part of that dense network of bots that governments (all, in each country) created to pursue their interests through social media propaganda.

 There is no need to go into political issues to know that each country has now set up structures that convey government propaganda on the various platforms; however you want to see him on Maduro, as a politician, he must still be acknowledged to have been the first head of state in the world to officially clear the cryptocurrencies and to create a state crypto.

Every bitcoiners, regardless of ideological orientations, were nothing more than for this commitment, should be grateful to Maduro and support Venezuela since this country now represents, for the cryptocurrency community, a reference point of global reach.

How do you rate this article?


Roberto D.
Roberto D.

Born, and still living, in Italy. Passionate about cryptocurrencies since I discovered ethereum in 2016


All about crypto and airdrop

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.