February 1, 2023

Petro will be provided with 30 million barrels of crude oil

Petro will be provided with 30 million barrels of crude oil

At the time when the first cryptocurrency was announced in Venezuela? Petro, government stated that the asset will be provided by oilstocks of the country. While the process of introducing the asset was difficult, this year the pace of adoption of the cryptocurrency began to grow. The Maduro administration is now realizing its plans for its provision.

So, Reuters reports that Venezuelan President Nicolas Maduro announced his intention to provide the Petro cryptocurrency with 30 million barrels of crude oil.

Although Maduro did not disclose details regardingcommercializing reserves, 30 million barrels definitely make up a significant share of the 39 million barrels that the country owns. Details remain undisclosed, especially since the government initially planned to provide Petro with five billion barrels of oil.

It is worth noting that Petro is partly notsanctioned because it was originally created to avoid the sanctions imposed by the Trump administration. Therefore, it is unlikely that the asset will be interesting for purchase by other states. In addition to distribution and support issues, Venezuela has done a great job in developing Petro. In the initial stages, Petro experienced a significant lack of acceptance, but now Venezuelans are starting to make deals at Petro, whether they like it or not.

Petro has already received support from Traki, the largestdepartment store in Venezuela. It is also currently hosted by Banco Venezuela, the country's largest banking institution. So, the government is doing everything possible to expedite the adoption of the asset. This suggests that, although Petro may not attract the interest of citizens outside Venezuela, its adoption in the country, especially over the past half year, is commendable.