There’s a buzz in the world of cryptocurrencies about the launch of Venezuela’s Petro, and it appears Russia played a pivotal role. According to Time Magazine, Venezuelan and Russian government officials, with the nod from President Putin, collaborated to launch the Petro – the world’s first state-backed cryptocurrency.
The Petro was introduced by Venezuelan President Maduro in December as a tool to circumvent international sanctions. This cryptocurrency, backed by Venezuela’s oil reserves, represents a significant stride in the digital currency realm. Maduro initiated the pre-sale of 82.4 million Petro tokens in February, marking a new chapter in cryptocurrency history.
Key Russian figures were reportedly involved in advising on the Petro. Denis Druzhkov and Fyodor Bogorodsky were thanked by Maduro for their support against American ‘imperialism’. Their presence at the Petro’s launch highlights the deep involvement of Russian expertise in this venture.
However, the Kremlin has maintained silence on these claims, while Moscow’s Finance Ministry asserts that Russian financial authorities were not involved in the Petro’s development. This news surfaces amidst US President Donald Trump’s executive order banning US citizens from trading or acquiring the Petro.
As the world of cryptocurrency continues to evolve, the story of the Petro and its international ties is a fascinating glimpse into the complex interplay of technology, politics, and finance.