The First Oil-Backed Cryptocurrency El Petro Is Officially Available Now

The First Oil-Backed Cryptocurrency El Petro Is Officially Available Now

Nicolás Maduro, the president of Venezuela announced the National Cryptoactive Plan of Venezuela for the next 10 years which is also an official launch of the national oil-backed cryptocurrency El Petro (PTR). 

Be My Petro

He encouraged Venezuelans to buy and use El Petro. For that reason, an official Petro website has been already launched as well as Petro Wallet that is now available on Google Play. 

The president stated that the national cryptocurrency is now available on the six largest and the most popular crypto exchanges. Yet the public sale of the cryptocurrency starts November, 5.

Come Fly With Me

Maduro emphasized that all oil purchases must be paid in cryptocurrency now, especially in international trades. This also concerns international air companies whose airplanes routes lie through Venezuela as the fuel will also be sold for PTR.

The First One 

El Petro became the first national cryptocurrency in the world pegged by the national wealth. Launched this February, it doesn’t appear to work as a proper currency should. Since the first announcement, El Petro was criticised by many authorities, especially from the U.S. as the cryptocurrency was created to avoid the U.S. sanctions. Nevertheless, Nicolás Maduro stressed that PTR would strengthen the national economy. has already reported about the first release of El Petro this February.

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