RATE Group | Venezuela Cuts Petro’s Backing from 5B Barrels of Oil to 30M: Reuters
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Venezuela Cuts Petro’s Backing from 5B Barrels of Oil to 30M: Reuters

24 Nov Venezuela Cuts Petro’s Backing from 5B Barrels of Oil to 30M: Reuters

Posted at 06:30h in Cryptocurrency News by

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Venezuela plans to back its national oil-pegged cryptocurrency, the Petro (PTR), with 30 million barrels of crude oil. Venezuelan President Nicolas Maduro announced that the oil inventories are sitting in the country’s storage tanks and are ready for immediate commercialization to serve as a “liquid, physical, material backing” for the Petro. 

The president announced the news on Nov. 20 on state television, according to a Reuters report. In the announcement, Maduro called the Petro a “sovereign Venezuelan crypto asset.”

Venezuela initially planned to back the Petro with 5 billion barrels of oil

While Maduro has not provided any details on how the sale of oil inventories would work in order to back the Petro so far, another Reuters report said that the Venezuelan government initially planned to back the cryptocurrency with five billion barrels of oil.

According to the report, the sharp decline in the quantity of the Petro’s backing was caused by United States sanctions on…

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