Share this article
Venezuela's Planned Petro Cryptocurrency 'Illegal,' Says Congress
Venezuela's opposition-run congress has declared that a planned new oil-backed cryptocurrency called the petro is illegal.
Updated Sep 13, 2021, 7:21 a.m. Published Jan 10, 2018, 10:00 a.m.
Make us preferred on Google
Venezuela's opposition-run congress has declared that a planned new national cryptocurrency called the petro is illegal.
According to the legislative body, the issue of the petro – a cryptocurrency backed by commodity reserves, including oil, that was announced by President Nicolas Maduro in December – would be effectively borrowing against the country's oil reserves, a Reuters report says.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Issuing the new cryptocurrency would violate laws that specify the legislature must approve government borrowing, legislators reportedly said.
Calling it "tailor-made for corruption," legislator Jorge Millan stated:
"This is not a cryptocurrency, this is a forward sale of Venezuelan oil."
In a translated tweet, Millan also said: "They have announced issuance of an alleged cryptocurrency [that] is illegal and unconstitutional. A new deception of the regime ..."
The legislators also cautioned investors that the commodity-backed cryptocurrency would be "invalid" when Maduro steps down from his post after the presidential elections, set to take place this year.
The news comes after the president said on Friday that approximately 100 million petro tokens (worth $6 billion) would be issued to overcome the financial sanctions imposed by Washington, Reuters says. Maduro indicated that the cryptocurrency would serve as a payment tool for foreign suppliers and could solve payment delays that have been occurring since sanctions were imposed.
The government had planned to issue the cryptocurrency in few weeks.
Venezuelan Congress image via Shutterstock
Higit pang Para sa Iyo
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Ano ang dapat malaman:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Mais para você
Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus
Some investors have revived concerns that quantum computing could threaten bitcoin, but analysts and developers say recent price weakness reflects market structure.
O que saber:
- Bitcoin’s recent price stagnation has sparked a renewed debate over quantum-computing risks, with investor Nic Carter arguing that quantum fears are already shaping market behavior.
- On-chain analysts and prominent investors counter that the slowdown is better explained by large holders taking profits and increased supply hitting the market around the $100,000 level.
- Most bitcoin developers still view quantum attacks as a distant, manageable threat, noting that proposed upgrades like BIP-360 provide a path to quantum-resistant security and are unlikely to explain short-term price moves.
Top Stories
