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Each petro will be backed by a barrel of oil other cryptocurrencies, not in the local bolivar currency.
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| Petro cryptocurrency | Mar 26, Outline Index Category Portal. Each petro will be backed by a barrel of oil and will be sold at the same price, according to the government. Additional factors that cannot be determined are which entities are accessing the platforms and how cryptocurrency is being used. It is supposedly backed by a portion of Venezuela's massive oil reserves. Wiki Initiative Q. |
| Petro cryptocurrency | The petro is about creating something useless � that's why only foreigners can buy them, but only Venezuelans can spend them". Sep 20, Austin, Mark Muro February 7, Related Terms. Treasury Department's warnings that investing in petro could violate sanctions and the neutered Venezuelan congress' declaration that the petro is illegal. There's a reference to the price of oil and a reference to the rate offered by official exchanges, which is apparently different from the rate at which tax authorities will accept it. The official Venezuelan oil price is defined by the Venezuelan Ministry of Oil and Mining and the current price of the petro during the ICO is referenced on its web page. |
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