Venezuela's President Orders Companies to Accept Petro

Venezuela officially has its own cryptocurrency – and its president wants some of the country's state-owned businesses to use it.

AccessTimeIconFeb 22, 2018 at 9:45 p.m. UTC
Updated Aug 18, 2021 at 8:17 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Venezuela officially has its own cryptocurrency – and its president wants some of the country's state-owned businesses to use it.

According to a recording posted on Twitter by television network VTV, Venezuelan President Nicolas Maduro has ordered several state-owned companies to convert a percentage of their sales and purchases into the petro.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • "I gave the order to the company PDVSA, Pequiven and CVG to realize as of today a percentage of their sales and purchases in...the Petro," Maduro said (according to a rough translation) during the petro pre-sale announcement.

    PDVSA is a state-owned oil and natural gas company which, in addition to the Venezuelan government, is also the target of U.S. sanctions. Pequiven is a petrochemical company, and Corporacion Venezolana de Guyana (CVG) is a decentralized conglomerate whose subsidiaries include aluminium and gold producers.

    Maduro also said that citizens will be able to pay for fuel, airline and tourism services with cryptocurrencies, including the petro. Likewise, the government previously promised to accept petros for the payment of national taxes, fees and other public services.

    Another petro?

    And as the cryptocurrency world adjusts to the idea of a state-backed coin, it appears that the Maduro government is moving to launch another one already.

    Just one day after the commencement of the controversial petro pre-sale, Maduro made waves once again, announcing that he plans to unveil a second cryptocurrency next week: the petro gold.

    "Next week I'm going to launch the petro gold, backed by gold, which is even more powerful, that will strengthen the petro," Vice quoted Maduro as saying in a Wednesday speech.

    He has yet to divulge further details, and it is unclear as to whether the president was referring to gold held by Venezuela's central bank or its gold natural resources.

    Petro coin image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.