Allegations that Venezuela’s Petro cryptocurrency is all hot air hasn’t stopped President Nicolas Maduro from announcing a special exchange period for the Petro, and that he’ll be presenting it to the Organization of the Petroleum Exporting Countries (OPEC) next year as a unit of account for Venezuelan oil.
— Nicolás Maduro (@maduro_en) November 7, 2018
Petro ‘Savings Plan’
On Tuesday, Maduro announced via a government release that those who purchase Petro certificates during the exchange period of Nov. 6 to Dec. 31, will be able to exchange the cryptocurrency for any other crypto or “any other convertible currency in the world.”
These certificates are part of a new “savings plan” organized by Maduro and the Venezuelan government to push the cryptocurrency’s adoption. Part of the country’s “Comprehensive National Cryptoasset Plan,” it will reportedly make 4 million Petro available for purchase. Certificates are acquired through an investment in the Bolivar, Venezuela’s fiat currency, according to local media outlet Telesur.
Maduro also announced his intention to present the Petro to the OPEC as an official unit of account for Venezuelan oil this week. According to the Minister of Petroleum Manuel Quevedo, the presentation will happen “during the first half of 2019.”
Is The Petro a ‘Scam?’
Banks have also been ordered to adopt the Petro, and court cases have even recently been settled with fines imposed in the cryptocurrency, all in a multi-front effort to push adoption of the state-backed crypto coin, itself purportedly backed by Venezuela’s oil and other natural resources.