Maduro, the leader of Venezuela, has stated that the launch of the Petro, the newly deployed cryptocurrency backed by Venezuela’s oil reserves has gone well. So, bolstered by this seemingly successful event he wants to continue to the progress and growth of the cryptocurrency by ordering several leading state-owned businesses to utilize the currency when conducting transactions involving both purchases and sales of a breadth of products and services.

The President conducted this order via the television, telling them that they had to make sure that they made a portion of their sales and bought into the newly created Petro.

Furthermore, the companies involved in this mandate are PDSA, Pequiven, and CVG, according to local reports. These companies deal a broad range of industries primarily dealing in natural gas, petrochemicals and other various products such as those in the production of precious metals.

He then stated that the people of Venezuela would be able to purchase items such as fuel and tourism related services with the Petro and other cryptocurrencies as well.

As noted prior, Venezuelans have flocked to Bitcoin mining and Bitcoin as a way to earn and have their store of value, turning to Bitcoin in a time of deepening crisis, as the country continued to experience hyperinflation.

There are various reasons as to why Maduro was highly incentivized to introduce the Petro; these reasons ranged from being able to skirt sanctions to giving the people of Venezuela the perception or hope in reviving the country and somehow bringing opportunities for the people, in employment and other regards.

At the present moment, the Petro Pre-sale which started on February 20th, 2018, is still going on and is said to have already commanded at a minimum,  $375 million worth of sales, some reports say that it may have commanded at least $750 million. This is based on claims by one source, Maduro and his representatives; this has not been verified or confirmed by other parties at the time of this writing.

Pushback and Launch of PetroGold

It looks like Maduro and his party seemed to be the only ones who are backing this initial launch of the Petro as the other members of Congress have pushed back on the release and sale of the cryptocurrency, and has called it lacking legality and defying the constitution. They think that that this will only be further destruction of the value of their oil reserves and not beneficial in the long run.

But Maduro has pushed back, the presale continues and now, he’s gone ahead and introduced another cryptocurrency, this one is called PetroGold. Remember, this is right at the relative starting time frame of the recently launched Petro!

Petro is said to be backed by their oil reserves while the Petro Gold will be backed by the precious metals of the country.

Maduro stated that  “Next week I‘m going to launch the petro gold, backed by gold, which is even more powerful, that will strengthen the petro.”

It is not yet known where the precious metals will come from.