The government of Venezuela published in the Official Gazette 41,347 of February 23 a decree confirming the cryptoactive petro as backed by the heavy and extra heavy crude reserves found in the area corresponding to the Orinoco oil belt.
In Decree No. 3,292, the potential development of 5.342 billion barrels of Original Petroleum on Site (POES), both heavy and extra-heavy, is determined as support for the implementation of financial and commercial exchange operations through cryptoactive. This would allow the entities responsible to legally carry out activities of commercialization of cryptocurrencies that use the oil of the national reserve specified as collateral.
This figure of the barrels of oil accounted for in the reserves is given by an independent international certifier located in Block Ayacucho 01 of the Orinoco Oil Belt. The name of said company was not disclosed.
The publication of said decree issued by the Presidency of the Republic ends formalizing the launch of the controversial token generated by the Venezuelan State.
The first appearance of this type of asset in an official gazette occurred with Decree No. 3.196 contained in the Extraordinary Gazette, where the president of the South American country made official through the Official Gazette the creation of the Superintendence of Cryptoactives of Venezuela. This entity is currently in charge of issuing "through auction and allocation" of the national cryptocurrency the petro, as well as future related activities that may be implemented in the future.
Despite this, the political instability of Venezuela continues to create insecurity regarding the release of the cryptoactive. A few days ago José Guerra, deputy of the National Assembly, indicated that according to article 12 of the Constitution of the republic, guarantees can not be offered on national reserves because these can not be accounted for exactly. In addition, he indicated that to issue the token would require the approval of the body of which he is a part, who has not authorized it.
For its part, the Office of Foreign Assets Control (OFAC) of the United States of America said that US citizens who trade with the Venezuelan cryptocurrency will be exposed to penalties that could exceed one million dollars in fines.
In spite of the above, last Wednesday, February 22, President Nicolás Maduro announced in a political act that in the next few days he will launch another crypto currency, which he named Petro Oro, which this time would have its backing in the gold reserves from the country. No details of the announcement are yet known, including whether it will work with unexploited reserves or with the precious metal located in the nation's vaults.