Venezuelan officials yet again attempt to encourage the use of Petro
After news of Venezuelan banks denominating customers’ balances using Petro, Venezuelan officials are again trying to institute the use of a cryptocurrency no one wants to touch.
In a new effort to push Petro, the government of Venezuela has announced plans to use the currency as a unit of account when trading with the Organization of Petroleum Exporting Countries (OPEC). The head of Petroleos de Venezuela, Manuel Quevedo, has stated that from 2019 forward the crude oil of Venezuela will be traded for the Petro.
The Petro, announced in 2017 by President Nicolas Maduro, is considered by many as an attempt to circumvent various sanctions put in place by the U.S. government. The problem of this plan, however, is that many in the country prefer the usage of more popular cryptocurrencies such as Bitcoin, and seem to have no need for the state-regulated Petro. Options seem to be running out for Maduro, as even India has refused to utilize the Petro when conducting oil trades.
It’s highly likely that this will be one of many more attempts by Venezuelan officials to promote their problematic cryptocurrency. Will the opinions of Venezuelans sway in favor of their government? Probably not, but it’ll be interesting to see what else Maduro has planned to promote his ever-failing crypto.