On February 20, 2018, president of Venezuela, Nicolás Maduro, announced the creation of Petro, a cryptocurrency as a liberating mechanism to protect Venezuelans`s assets and defeat US economic blockade against the country.
Its implementation has gone through several stages, including its incorporation into the country’s banking platforms, where users can already acquire, buy and redeem Petro.
Throughout the year, the topic gave what to talk about, because little by little it was inserted into the economy. First with the use of savings in Petro through the Homeland system. Then with the implementation of the system to public banks and now with the benefit to the most vulnerable sectors of the population, such as retirees and pensioners.
Petro is the first Venezuelan cryptocurrency based on proven wealth of the South American country, and it has been presenting since Maduro announced this project in December 2017.
Between speculation and inflation that crosses the country, the Petro, has happened to be a stranger to be part of the daily life.
The last government announcement informed , now the cryptocurrency can be converted into bolivars, the national currency of that country, through the Patria platform, which is another protection system implemented by the national executive.
President Nicolás Maduro announced the payment of half Petro for Venezuelan people. A petro is equivalent to about 2,700,000 bolivars, therefore this bonus could be around 350 million bolivars for each beneficiary.