Launched in February 2018, Petro is the Cryptocurrency of Venezuela which is developed by the government itself. But it seems of no use as Venezuela isn’t able to use it for paying its debts.
Venezuela owes $3.15 billion to Russia for over a period of 10 years but Russia refused to accept the payment of debts in the nation’s own Cryptocurrency.
The head of Russian Finance Ministry debt department (Konstantin Vyshkovsky) told reporters that Venezuela didn’t offer to pay debt in Petro. This statement comes days after Time Magazine reported that Russian president Vladimir Putin has agreed to accept the debt payment through Petro and described the act as collaboration between the two nations.
Time further reported that Dennis Druzhkov and Fyodor Bogorodsky will be two Russians to advise Maduro on Petro.
Soon Kremlin mentioned the Time Magazine report as ‘fake news’ and ‘blatant lie’.
The Russian foreign minister Artyom Kozhin also said that the participation of the Russian Financial Authorities in this project is false.
Kozhin further added:
“During the course of the meeting held on February 21, 2018 in Moscow, Venezuela’s Minister of Economy and Finance Mr. [Simon] Zerpa indeed handed over a booklet on the cryptocurrency to the Russian Finance Minister exclusively for the purpose of informing Russian partners about this project”,
Venezuelan president Maduro claimed that Petro had raised $735 million on the first day of launch and has raised more than $5 billion to date, but couldn’t prove these claims as true.
U.S. president Donald Trump too showed up against petro asking Americans to avoid investing or trading in this Cryptocurrency.