Petro

The Bolivarian Republic of Venezuela, one of the most oil-rich countries in South America and the world at large, is still experiencing political instabilities and this has led its economy to stagnate. The traditional (fiat) currency bolivar has lost value due to the hyperinflation that hit the country, this has forced its citizens to massively store their wealth in crypto currencies such as petro, Bitcoin, Ethereum, Ripple and others.

Venezuela officially launched a complaint with the World Trade Organisation (WTO) on Tuesday, January 8, 2019, arguing that the current United States (U.S) sanctions on the nation violate a series of WTO rules and regulations.

Some time back, the Indian Reserve Bank (RBI) was working tirelessly to sweep Cryptos out of the nation, but it appears that the government may have an ace up its sleeve to annex that effort.

In a struggle to dock and behedge an exodus from the nation, the government of Venezuela has made it very difficult to get passports with bolivars.

Venezuela, a nation fighting one of the largest economic recessions, is ready to launch a fresh fiat currency linked to its oil-backed 'petro' virtual currency in October, according to what President Nicolas Maduro has said.

Switzerland is planning to tokenize its national currency, responding to USDT and El Petro. The idea behind this new stablecoin is rather traditional for the sector - to combine all the pros of a cryptocurrency and eliminate its main shortcoming - high volatility.

A month down the road since Nicolas Maduro, the Venezuelan president, proclaimed the formation of the Petro, a state-backed crypto which would allegedly take the nation out of six-digit hyperinflation, the only place where the Petro crypto appears to exist is in the media.

On Aug 26, the Jerusalem Post wrote a very good story about the chances of Israel adopting a state-backed crypto just like Venezuela did a few days ago,  although for completely different reasons.

The government of Venezuela has taken on several desperate, unorthodox initiatives to revive and save its economy from failing completely. In the most major move, the government has devalued Bolivar, its national currency and pegged it to Petrol, oil-backed crypto.