Venezuela's New Problem is Keeping Their US Dollar Safe
                     Cryptoknowmics: Crypto News in One 
Click
https://www.cryptoknowmics.com/
2
Venezuelan President 
Nicolas Maduro has 
announced that they 
would use their 
national digital currency 
Petro for the sale of 
Gold and Oil produce.  
Maduro noted that 
their government was 
working tirelessly to 
expand the scope of 
use for its digital 
currency.
https://www.cryptoknowmics.com/
3
Venezuela's New Problem is Keeping Their US Dollar Safe
https://www.cryptoknowmics.com/
3
● Venezuela was already selling its mineral reserve including iron 
ore, and stell against Petro, but now they have decided to 
expand the portfolio to gold, oil and a few other assets as well. 
President Mudro in his interaction with the media said,
● We will sell Venezuelan oil in exchange for Petros. We already 
sell Venezuela’s iron ore and steel for Petros. We have already 
signed contracts for the sale of oil, steel, iron and aluminium, 
and we will sell part of the gold for Petros."
https://www.cryptoknowmics.com/
4
• Venezuela launched its national Crypto currency back in 2019 
amid trade sanctions imposed by the US and the depleting value of 
the national fiat bolivar. However, the launch of Petro was not an 
instant success or hit as the Venezuelan digital currency was 
marred into controversy from the start.
• First, there was a controversy on the working structure and 
blockchain used for the Petro, then analysts from around the world 
called Petro a scam, and an apt network for money 
laundering.Despite all the obstacles, Petro has been promoted by 
the current government as an appropriate alternative to their fiat.
https://www.cryptoknowmics.com/
5
Cryptocurrencies See a Major Adoption in Venezuela
● The Venezuelan government is trying hard to extend the use case 
of the national digital currency, but the country has seen a 
significant push for crypto adoption in hindsight. Venezuela has 
recorded enormous trading volumes in Bitcoin in the last year. 
● The use of Petro might see some drive in 2020, given the 
President is looking to increase the scope and use of the national 
digital currency to rebuild the crumbling economy. 
https://www.cryptoknowmics.com/
6
Conclusion
• However, it would be interesting to see whether the citizens go 
for the national digital currency or other cryptocurrencies like 
Bitcoin, Ethereum, and many others.
Source
https://www.cryptoknowmics.com/news/venezuelas-new-problem-is-keeping-their-
us-dollar-safe
https://www.cryptoknowmics.com/
7
Crypto news and articles Exchange & wallet listing
Market & price analysis Crypto discussion forum
ICO listing and rating Crypto jobs marketplace
Featur
Tokens and coin listing es Airdrop and event listing
DApp listing & review ICO Launchpad
Crypto gaming platform Blockchain tutorials and courses
https://www.cryptoknowmics.com/
Contact 
us 
8
For any further queries or clarifications please 
contact at 
- [email protected] https://www.cryptoknowmics.com/
- [email protected]
https://www.cryptoknowmics.com/