Petro shows its support: 30 M barrels of oil from Venezuela

On this occasion we present the statements of the president of Venezuela regarding the support in barrels of the local crypto, the Petro.

As we have observed on several occasions, there is a skepticism regarding the cryptocurrency of Venezuelan origin, the Petro. However, the president of Venezuela, Nicolas Maduro, is also aware of this. Therefore, to reduce uncertainty, he unveiled the exact amount that supports the cryptocurrency.


To understand the news, we will make a brief account of the history of Petro, without further details to present today’s news.

In summary, Petro is a cryptocurrency that is issued by the Central Bank of Venezuela by order of the president since 2017. This cryptocurrency is used as a bank and fixation reference, such as prices or salaries. In addition, according to its creators, it is the first cryptocurrency backed with oil barrels.

However, controversy and uncertainty came into play because of the diffuse information shared. Starting with the structure of the coin, where it was not clear what technology it would use. At first it was the ERC-20 of Ethereum, but later they proposed that it was another technology. Subsequently, the doubts of the support that coined him.

According to the Central Bank, a Petro is equivalent to a barrel of oil, giving a 1: 1 ratio. The problem lies that people doubted the existence of the barrels that support the currency to attest to this 1: 1 ratio.

Clarifying the situation

Faced with this situation, the president of Venezuela decided to act to respond to people’s doubts. Its action was to issue a license of 30 million barrels of oil and 180,000 tons of iron certified to support Petro.

Maduro stressed that the cryptocurrency is “tangibly” based on the country’s oil reserves, which are counted at 5,000 million barrels, valued at 350,000 million dollars, as well as the wealth of iron, steel, gold, and existing diamond in the nation

“But I was looking for, because some people talked about Petro’s lack of traceability and monetary liquid support. Okay, I give it to you: 30,000,000 barrels for now, ”he explained.


Now, although the president alleges that these barrels have already been extracted and support Petro, the question arises if these statements satisfy the doubts of the users. Considering that it was he who announced a similar statement in 2017.

Finally, we want to remember that CriptoTendencia is an impartial means of communication, so we do not take any political position. Even with controversial issues such as Petro.


Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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