It's seems CBDC's are making huge debut in crypto industry and, the Venezuelan Government accordingly with their country Leader Nicolas Maduro will sell their Oil and part of the Gold that the country Produces in Petro ,the National Cryptocurrency of the Nation.
Venezuelan National Cryptocurrency is pegged to the price of Oil (around $63 to a barrel of crude) and was firstly announced In 2017 and sales of Petro Cryptocurrency started in February of 2018.
There are 30 Million barrels of crude for backing up the Petro reserved in the country storage tanks and the Government also claim that they have signed contracts for selling oil,steel,iron and aluminum,some part of the Gold produced in the country will be sold in Petro.
In December the Venezuelan Government offered Petro as Christmas gift to public workers that covered 8 millions of People, and to benefit from that services they needed to register In the PetroApp.
The PetroApp is the app that allow Petro holders to spend or exchange for good or services. The crisis affecting the Country leaded to Venezuelans to start using more crypto than Fiat currency due to the highest Inflaction that is killing their currency.
