Venezuela is the only country in the world to have an official cryptocurrency. Ever since its creation, the Petro has failed to make any real difference.
Instead, it has seemingly made the financial situation in the country worse than ever before.
A Second Attempt to Make the Petro Useful
That situation may not necessarily improve in the near future either.
However, President Nicolas Maduro has announced a plan to “revive” the Petro in the near future.
Addressing new use cases for the currency will prove crucial in this regard.
He expects the Petro to make inroads in oil sales to passport fees, among other things.
Additionally, the Petroleos de Venezuela SA will begin exploring sales of 50,000 barrels of oil per day, to be paid in the national cryptocurrency.
This “path to a new economy” could easily backfire once again, however.
It is evident that the primary reason for creating this cryptocurrency cannot be met.
It was designed to circumvent US sanctions plaguing the country, yet no one is willing to use the currency so far.
In fact, most Venezuelans still have no idea how to obtain this cryptocurrency, as its entire launch has been botched.
The big question is whether Madura can effectively pull off a successful revival this time around.