In 2018, Venezuela introduced the e-Petro, a digital currency issued by the state and purportedly supported by the nation’s oil and gas reserves. Despite being mandated for specific transactions through government decrees, the e-Petro encountered challenges in garnering widespread acceptance after its initial launch. The currency was intended to reinforce monetary sovereignty and stimulate novel financing avenues.
The concept of the Petro (PTR) emerged in line with former President Hugo Chavez’s notion of a robust currency backed by tangible resources. Its origin traces back to proposals for global financial and monetary coordination that predates the dominance of the US dollar, which regained prominence following the late 1990s financial crisis.
The Petro was envisioned as a tool to enhance Venezuela’s economic stability and financial autonomy, underpinned by an ambitious and worldwide aspiration to reformulate the international financial system towards greater equity, balance, and fairness.
Source: