Last February, news.Bitcoin.com first reported on the Venezuelan cryptocurrency the petro (PTR) launched by President Nicolas Maduro. Initially, many media reports assumed the digital currency might be phony or nonexistent. However, recent data from a few exchanges and from Venezuelans trading the asset on social media suggests the nation-state issued cryptocurrency is quite real and that locals are trading PTR regularly for goods and services.
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Venezuelans Are Swapping the Petro on Exchanges and Social Media
Since the death of Hugo Chavez, when President Nicolas Maduro took over in 2013, Venezuela’s economy has spiraled out of control. At the time of writing, Venezuela’s inflation rate is a whopping 1,623,656%, making the nation state’s fiat currency, the bolivar, pretty much worthless. In an attempt to provide a solution, Maduro created the petro (PTR) cryptocurrency which is allegedly backed by Venezuela’s oil…