March 4, 2024

Petro will be provided with 30 million barrels of crude oil

Petro will be provided with 30 million barrels of crude oil

At the moment when Venezuela first announced the launch of its own cryptocurrency? Petro, governmentstated 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 reveal details inIn terms of commercialization of reserves, 30 million barrels is definitely a significant portion of the 39 million barrels the country holds. Details remain unclear, especially since the government initially planned to provide Petro with five billion barrels of oil.

It is worth noting that Petro is not partlyauthorized because it was originally created to avoid sanctions imposed by the Trump administration. Therefore, the asset is unlikely to be of interest to other states for purchase. Distribution and support issues aside, Venezuela has done a lot of work towards developing Petro. In the initial stages, Petro experienced a significant lack of adoption, but Venezuelans are now starting to transact on Petro, whether they like it or not.

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