What is Petro Gold?

Petro Gold is a gold backed cryptocurrency issued by the Venezuelan government in 2018. This currency was the second currency released by the Venezuelan government, with the oil-and-mineral-backed Petro being released in 2017. These currencies were both issued in order to circumvent sanctions by the US government to access international financing and to allow their citizens a more stable currency. Despite promises by the government, neither the Petro or Petro Gold seem to be tied to any tangible assets, and their value is largely determined by the market.

 

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