A Brief History of Petro: The Rise and Fall of a National Blockchain Experiment

Venezuela, once powered by oil, ultimately could not escape the dual blows of plunging oil prices and US sanctions—2017 saw inflation soar to 2600%, the national currency lost all credibility, and the economy was on the brink of collapse!
Desperate for change, the Maduro government launched the world's first national cryptocurrency, "Petro," with a clear goal: bypass sanctions for financing, debt repayment, and importing essential goods. In 2018, Petro officially launched: releasing a white paper and raising $735 million on its first day of sale. It seemed like a promising start, but danger lurked beneath the surface!
👉 Domestic: Declared unconstitutional;
👉 International: Blocked by the US;
👉 Public opinion: Questioned as a "political borrowing tool."
The key issue is that, although this coin is pegged to oil, it is essentially a government-backed non-decentralized currency, and Venezuela's credit has long been bankrupt, so naturally, no one is buying it. To promote Petro circulation, Venezuela went all out: allowing airlines to accept the coin for tickets, using it to buy houses, building special economic zones, and even encouraging students/unemployed people to mine... but its effectiveness remains doubtful.
Today, while Petro has helped Venezuela secure some funds, its value is entirely dependent on national strength. Whether it can turn things around depends on the US's subsequent pressure and whether Venezuela can use the money for the real economy.
Success means a turnaround; failure means becoming a laughingstock—this is the fate of Petro: "Fail, and you become a hero"!
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