US sanctions on Venezuela could spell end of petro

Crypto asset is backed by oil reserves the country can barely commercialise

oil drilling

The US sanctions on the Venezuelan oil industry are preventing the country from accessing foreign currency, and may very well be the final nail in the petro’s coffin, analysts tell Central Banking.

Venezuela launched the crypto asset in February 2018 with the aim of battling hyperinflation, and avoiding international sanctions on its oil sales. But the lack of transparency of the system and new US sanctions on the oil industry may have permanently hampered the crypto asset.

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