The PETRO in Venezuela

The PETRO (PTR) has its origin in the idea of President Hugo Chávez to create a strong currency backed by raw materials. Its antecedents go back to proposals of global financial and monetary coordination prior to the hegemony of the US dollar, which resurfaced after the financial crisis at the end of the last decade.
Block chains allow the transfer of value and information, dispensing with third parties. They also provide the tools to successfully face the challenge of creating transparent, efficient and inclusive financial platforms and instruments.
The PETRO will be a sovereign cryptoactive backed by oil assets and issued by the Venezuelan State as a spearhead for the development of an independent digital economy, transparent and open to the direct participation of citizens. It will also serve as a platform for the growth of a fairer financial system that contributes to development, autonomy and exchange among emerging economies.
Venezuelan oil assets will serve to boost the adoption of cryptoactive and blockchain based technologies in the country. The State will promote and encourage the use of PETRO in order to consolidate it as an investment option, savings mechanism and means of exchange with the services of the State, industry, commerce, and citizens in general.
The Venezuelan population will have at its disposal a technology that will allow it to enjoy the advantages of having a reserve of value and a robust means of payment to stimulate savings and contribute to the development of the country.
The PETRO will be an instrument to provide economic stability and financial independence of Venezuela, coupled with an ambitious and global vision for the creation of a freer, balanced and fair international financial system.

Source. White paper published by the Ministry of Science and Technology.

FUNDAUSEC