No One Knows What Venezuela’s Petro Cryptocurrency is Actually Worth

The value of Venezuela’s oil-backed cryptocurrency, the petro, is seemingly currently unclear, and even taking a look at official government sources yields inconclusive results, given substantial price differences.

The petro, announced in December of 2017 as a tool for the South American nation to combat international sanctions, has been a controversial currency so far. Supposedly, the government has pegged its fiat currency — the sovereign bolivar — to the petro and started using it to send pensioners payments. Each petro is purported to be backed by one barrel of oil.

A November 30 article published on the website of Venezuela’s central bank claims that as a “unit of account” the Petro’s value is to be of 9,000 sovereign bolivars. On its website, it features exchange rates that confirm this value and that claim one US dollar equals 638.18 sovereign bolivars.

Reference: https://www.ccn.com/no-one-knows-what-venezuelas-petro-cryptocurrency-is-actually-worth/

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