The petromoneda or petro cryptocurrency is the very first of its kind. What do I mean by that? it’s the first crypto currency backed by a government. Not only that but it’s the first cryptocurrency backed by oil. Yes, you heard that right. The Veneuzuelan President Nicolas Maduro announced the cryptocurrrency in early december 2017.
The petro, which is the name of the cryptocurrency will be backed by $267 Billion worth of oil. It is not yet availble to trade, but it is expected in January of 2018. It is definitely a bold move by Venezuela to offset it’s major financial crisis and shrinking currency value. There are doubts if the country has the ability to successfully launch such a large and new operation such as a cryptocurrency.