In a statement made on national television yesterday, Venezuelan President Nicolás Maduro stated that all oil from the region would be sold in Petro.
Petro is the ailing Venezuelan state’s national cryptocurrency. Recently launched, it is hoped that the cryptocurrency will improve the dire financial situation occurring in Venezuela. The President has supported the idea of breaking away from the US dollar. Maduro feels the US is persecuting them and other nations, making trade difficult for countries.
Due to start in 2019, the program will create a timetable to gradually have all oil sales done with Petro.
Sceptics however, remain wary. Many see this as a scam, or an attempt to curtail sanctions.
In a land where volatile cryptocurrency is safer than state-backed fiat, it remains to be seen whether the Petro can rise above criticisms and bring Venezuelans hope for improved financial stability.