{"id":19093,"date":"2017-12-07T09:33:49","date_gmt":"2017-12-07T17:33:49","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=19093"},"modified":"2018-10-07T19:54:18","modified_gmt":"2018-10-08T02:54:18","slug":"venezuelas-petro-really-cryptocurrency","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/","title":{"rendered":"Is Venezuela&#8217;s &#8220;Petro&#8221; Really a Cryptocurrency?"},"content":{"rendered":"<p>The once prosperous country of Venezuela has been struggling. We first heard about it in the crypto space when Venezuelans started <a href=\"https:\/\/www.theatlantic.com\/magazine\/archive\/2017\/09\/big-in-venezuela\/534177\/\">mining<\/a> Bitcoin owing to the country\u2019s subsidized electricity costs. For Bitcoin's miners, getting paid in <a href=\"http:\/\/cryptoslate.com\/coins\/bitcoin\">Bitcoin<\/a> is turning out to be a far better value than the ever-increasing hyperinflation of the Bolivar.<\/p>\n<figure id=\"attachment_19181\" aria-describedby=\"caption-attachment-19181\" style=\"width: 200px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-19181\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/maduro-venezuela.jpg\" alt=\"\" width=\"200\" height=\"200\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/maduro-venezuela.jpg 400w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/maduro-venezuela-150x150.jpg 150w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/maduro-venezuela-300x300.jpg 300w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><figcaption id=\"caption-attachment-19181\" class=\"wp-caption-text\">Nicol\u00e1s Maduro Moros is a Venezuelan politician who has been the President of Venezuela since assuming office in 2013<\/figcaption><\/figure>\n<p>This past Sunday, Venezuela's President, Nicol\u00e1s Maduro, came up with more \u201cexciting\u201d news during his weekly five-hour broadcast: Venezuela will make a new &#8220;cryptocurrency&#8221; called the \u201cPetro.\u201d<\/p>\n<p>His proposal clearly has the intention of offsetting the Bolivar and potentially switching over to the Petro. \u00a0In Maduro's plan, the Petro will be backed by the world\u2019s largest oil reserves, tethering the coin to a real-world object.<\/p>\n<p>This will help \u201cadvance issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.\u201d<\/p>\n<h2>But is it fair to call the Petro a cryptocurrency?<\/h2>\n<p>Since Petro is backed by oil and not by the network, it is fair to argue that Maduro is using the wrong term here. As it stands now Petro is essentially fiat currency, although it's probably more accurate to call it a <em>digital currency<\/em>.<\/p>\n<p>It is likely that Maduro is using the term cryptocurrency to get Venezuelans excited. Because so many Venezuelans mine Bitcoin, cryptocurrencies have become very popular. Those who do not understand mining and do not have rigs may not know the difference between a digital currency and a cryptocurrency, thus Maduro may be hoping Venezuela might take to adopting the Petro quicker.<\/p>\n<p>Maduro says that a central reason for the Bolivar's hyperinflation is the sanctions levied by President Trump. The Petro can be used by Venezuelans to dodge this levy and work with international banks.<\/p>\n<figure id=\"attachment_1956\" aria-describedby=\"caption-attachment-1956\" style=\"width: 300px\" class=\"wp-caption alignleft\"><a href=\"http:\/\/cryptoslate.com\/coins\/dash\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1956\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/09\/dash-small-cover-1-300x137.jpg\" alt=\"Dash\" width=\"300\" height=\"137\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/09\/dash-small-cover-1-300x137.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/09\/dash-small-cover-1.jpg 482w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-1956\" class=\"wp-caption-text\">A recent <a href=\"https:\/\/www.dash.org\/2017\/10\/24\/venezuela.html\">Dash conference in Venezuela<\/a> drew over 350 attendees.<\/figcaption><\/figure>\n<p>It could be argued, however, that avoiding sanctions can only truly work with a public ledger, or a cryptocurrency. If Maduro decided to use a cryptocurrency like <a href=\"http:\/\/cryptoslate.com\/coins\/dash\">Dash<\/a>, it would be impossible to completely suppress businesses from working with each other internationally.<\/p>\n<p>Dash is used all over the world, and it would be significantly difficult to track what is coming from Venezuela.<\/p>\n<p>From the outside, Venezuela's plan seems like the first real experiment with using a &#8220;cryptocurrency&#8221; as a national currency. In actuality, it is a ploy to get people excited about Venezuela.<\/p>\n<p>Sean Walsh, of \u00a0blockchain-focused investment firm Redwood City Ventures, told Reuters that<\/p>\n<blockquote><p>\u201c[if] an administration has a history of unfair treatment of the population, then tacking on a buzzword like \u2018cryptocurrency\u2019 isn\u2019t going to change that behavior.\u201d<\/p><\/blockquote>\n<p>Maduro's administration is known to qualify in that regard.\u00a0And when Maduro's plan fails, it will taint cryptocurrency and <a href=\"http:\/\/cryptoslate.com\/coins\/bitcoin\">Bitcoin<\/a> for many who are unfamiliar with the crypto space, making it less likely that a wider public would adopt cryptocurrencies.<\/p>\n<h2>Call it like it is: Fiat<\/h2>\n<figure id=\"attachment_19182\" aria-describedby=\"caption-attachment-19182\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-19182\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/jcoin-japan-300x140.jpg\" alt=\"\" width=\"300\" height=\"140\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/jcoin-japan-300x140.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/jcoin-japan.jpg 652w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-19182\" class=\"wp-caption-text\">JCoin has the support of Japan's central bank and regulators, aims to develop technology to allow Japanese people to pay for goods and services with their smartphone.<\/figcaption><\/figure>\n<p>Digital currencies like the Petro are fiat that has been translated to transfer electronically. That's not a \u201crevolutionary&#8221; concept; Paypal has been doing it for years. Since the Petro would be backed by oil, it is centralized, which is another important dimension for defining a cryptocurrency.<\/p>\n<p>Cryptocurrencies in nature are decentralized; this has been the intention since Satoshi first released the technology upon the world.<\/p>\n<p>This distinction was established in\u00a02014, and there has been consensus since then. Furthermore, there is already a precedent for a nation establishing a digital currency. \u00a0Japan created <a href=\"http:\/\/www.businessinsider.com\/japan-plans-new-digital-currency-j-coin-2017-9\">Jcoin<\/a> earlier this year, and from the outset, Jcoin has been understood to be a digital currency.<\/p>\n<h2>Venezuela\u2019s Future<\/h2>\n<p>Other than getting Venezuelans excited about a new change, the Petro isn't likely to do much for their home country. Jcoin helps Japan because its economy is already thriving. It acts as an easier means for transactions to be sent between large banks. \u00a0This can be somewhat helpful for Venezuela, but it won't facilitate getting around sanctions.<\/p>\n<figure id=\"attachment_19185\" aria-describedby=\"caption-attachment-19185\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-19185 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/venezuela-bitcoin-1024x528.jpg\" alt=\"\" width=\"1024\" height=\"528\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/venezuela-bitcoin-1024x528.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/venezuela-bitcoin-300x155.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/venezuela-bitcoin-768x396.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/venezuela-bitcoin.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-19185\" class=\"wp-caption-text\">Thousands of Venezuelans have turned to secretly mining digital currencies for their economic survival, and for many that means risking jail time.<\/figcaption><\/figure>\n<p>The Petro may keep its value at a steadier level, but blocks against the Petro will be just as easy to effect as they are with the Bolivar. If Venezuela wants to benefit from the power of cryptocurrencies, Maduro should consider using a <em>real<\/em> cryptocurrency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The once prosperous country of Venezuela has been struggling. We first heard about it in the crypto space when Venezuelans started mining Bitcoin owing to the country\u2019s subsidized electricity costs. For Bitcoin&#8217;s miners, getting paid in Bitcoin is turning out to be a far better value than the ever-increasing hyperinflation of the Bolivar. This past [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":19187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is Venezuela&#039;s &quot;Petro&quot; Really a Cryptocurrency?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Venezuela&#039;s &quot;Petro&quot; Really a Cryptocurrency?\" \/>\n<meta property=\"og:description\" content=\"The once prosperous country of Venezuela has been struggling. We first heard about it in the crypto space when Venezuelans started mining Bitcoin owing to the country\u2019s subsidized electricity costs. For Bitcoin&#039;s miners, getting paid in Bitcoin is turning out to be a far better value than the ever-increasing hyperinflation of the Bolivar. This past [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2017-12-07T17:33:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-10-08T02:54:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/venezuela-crypto-petro-facebook.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dylan Dedi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Is Venezuela&#039;s &quot;Petro&quot; Really a Cryptocurrency?\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/venezuela-crypto-petro-twitter.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dylan Dedi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/\"},\"author\":{\"name\":\"Dylan Dedi\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/3b5f2fa9827994f139783527d486ce63\"},\"headline\":\"Is Venezuela&#8217;s &#8220;Petro&#8221; Really a Cryptocurrency?\",\"datePublished\":\"2017-12-07T17:33:49+00:00\",\"dateModified\":\"2018-10-08T02:54:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/\"},\"wordCount\":801,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"articleSection\":[\"Adoption\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/#respond\"]}],\"copyrightYear\":\"2017\",\"copyrightHolder\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/\",\"url\":\"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/\",\"name\":\"Is Venezuela's \\\"Petro\\\" Really a Cryptocurrency?\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/#website\"},\"datePublished\":\"2017-12-07T17:33:49+00:00\",\"dateModified\":\"2018-10-08T02:54:18+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cryptoslate.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Is Venezuela&#8217;s &#8220;Petro&#8221; Really a Cryptocurrency?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cryptoslate.com\/#website\",\"url\":\"https:\/\/cryptoslate.com\/\",\"name\":\"CryptoSlate\",\"description\":\"Cryptocurrency News and Real-time Coin Data\",\"publisher\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"inLanguage\":\"en-US\"},{\"@type\":[\"Organization\",\"NewsMediaOrganization\"],\"@id\":\"https:\/\/cryptoslate.com\/#organization\",\"name\":\"CryptoSlate\",\"url\":\"https:\/\/cryptoslate.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg\",\"width\":1000,\"height\":1000,\"caption\":\"CryptoSlate\"},\"image\":{\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/twitter.com\/cryptoslate\",\"https:\/\/www.instagram.com\/cryptoslate\",\"https:\/\/www.linkedin.com\/company\/cryptoslate\",\"https:\/\/www.youtube.com\/c\/cryptoslate\",\"https:\/\/cryptoslate.substack.com\",\"https:\/\/t.me\/cryptoslatenews\",\"https:\/\/www.tiktok.com\/@cryptoslatenews\"],\"publishingPrinciples\":\"https:\/\/cryptoslate.com\/editorial-policy\/#editorial-principles\",\"ownershipFundingInfo\":\"https:\/\/cryptoslate.com\/disclaimers\/how-cryptoslate-makes-and-spends-money\/\",\"actionableFeedbackPolicy\":\"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback\",\"correctionsPolicy\":\"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback\",\"ethicsPolicy\":\"https:\/\/cryptoslate.com\/editorial-policy\/#editorial-principles\",\"foundingDate\":\"2017-08-04\",\"founder\":[{\"@type\":\"Person\",\"name\":\"Nate Whitehill\"},{\"@type\":\"Person\",\"name\":\"Matthew Blancarte\"}],\"contactPoint\":[{\"@type\":\"ContactPoint\",\"contactType\":\"customer support\",\"url\":\"https:\/\/cryptoslate.com\/contact\/\",\"availableLanguage\":\"en-US\"},{\"@type\":\"ContactPoint\",\"contactType\":\"sales\",\"url\":\"https:\/\/cryptoslate.com\/advertising\/\",\"availableLanguage\":\"en-US\"},{\"@type\":\"ContactPoint\",\"contactType\":\"newsroom\",\"url\":\"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback\",\"email\":\"tips@cryptoslate.com\",\"availableLanguage\":\"en-US\"}],\"masthead\":\"https:\/\/cryptoslate.com\/about\/#masthead\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/3b5f2fa9827994f139783527d486ce63\",\"name\":\"Dylan Dedi\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/author-dylan-dedi-150x150.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/author-dylan-dedi-150x150.jpg\",\"caption\":\"Dylan Dedi\"},\"description\":\"Dylan is a cryptocurrency writer with a big interest in blockchain. He has peer-reviewed, edited, and written ICO whitepapers, web content for blockchain websites, and blog articles focusing on the current ecosystem of the FinTech world.\",\"sameAs\":[\"http:\/\/thecopy.team\"],\"url\":\"https:\/\/cryptoslate.com\/author\/dylan-dedi\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Is Venezuela's \"Petro\" Really a Cryptocurrency?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/","og_locale":"en_US","og_type":"article","og_title":"Is Venezuela's \"Petro\" Really a Cryptocurrency?","og_description":"The once prosperous country of Venezuela has been struggling. We first heard about it in the crypto space when Venezuelans started mining Bitcoin owing to the country\u2019s subsidized electricity costs. For Bitcoin's miners, getting paid in Bitcoin is turning out to be a far better value than the ever-increasing hyperinflation of the Bolivar. This past [&hellip;]","og_url":"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/","og_site_name":"CryptoSlate","article_published_time":"2017-12-07T17:33:49+00:00","article_modified_time":"2018-10-08T02:54:18+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/venezuela-crypto-petro-facebook.jpg","type":"image\/jpeg"}],"author":"Dylan Dedi","twitter_card":"summary_large_image","twitter_title":"Is Venezuela's \"Petro\" Really a Cryptocurrency?","twitter_image":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/venezuela-crypto-petro-twitter.jpg","twitter_creator":"@cryptoslate","twitter_site":"@cryptoslate","twitter_misc":{"Written by":"Dylan Dedi","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/#article","isPartOf":{"@id":"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/"},"author":{"name":"Dylan Dedi","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/3b5f2fa9827994f139783527d486ce63"},"headline":"Is Venezuela&#8217;s &#8220;Petro&#8221; Really a Cryptocurrency?","datePublished":"2017-12-07T17:33:49+00:00","dateModified":"2018-10-08T02:54:18+00:00","mainEntityOfPage":{"@id":"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/"},"wordCount":801,"commentCount":0,"publisher":{"@id":"https:\/\/cryptoslate.com\/#organization"},"articleSection":["Adoption"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/#respond"]}],"copyrightYear":"2017","copyrightHolder":{"@id":"https:\/\/cryptoslate.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/","url":"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/","name":"Is Venezuela's \"Petro\" Really a Cryptocurrency?","isPartOf":{"@id":"https:\/\/cryptoslate.com\/#website"},"datePublished":"2017-12-07T17:33:49+00:00","dateModified":"2018-10-08T02:54:18+00:00","breadcrumb":{"@id":"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/cryptoslate.com\/venezuelas-petro-really-cryptocurrency\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cryptoslate.com\/"},{"@type":"ListItem","position":2,"name":"Is Venezuela&#8217;s &#8220;Petro&#8221; Really a Cryptocurrency?"}]},{"@type":"WebSite","@id":"https:\/\/cryptoslate.com\/#website","url":"https:\/\/cryptoslate.com\/","name":"CryptoSlate","description":"Cryptocurrency News and Real-time Coin Data","publisher":{"@id":"https:\/\/cryptoslate.com\/#organization"},"inLanguage":"en-US"},{"@type":["Organization","NewsMediaOrganization"],"@id":"https:\/\/cryptoslate.com\/#organization","name":"CryptoSlate","url":"https:\/\/cryptoslate.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg","width":1000,"height":1000,"caption":"CryptoSlate"},"image":{"@id":"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/twitter.com\/cryptoslate","https:\/\/www.instagram.com\/cryptoslate","https:\/\/www.linkedin.com\/company\/cryptoslate","https:\/\/www.youtube.com\/c\/cryptoslate","https:\/\/cryptoslate.substack.com","https:\/\/t.me\/cryptoslatenews","https:\/\/www.tiktok.com\/@cryptoslatenews"],"publishingPrinciples":"https:\/\/cryptoslate.com\/editorial-policy\/#editorial-principles","ownershipFundingInfo":"https:\/\/cryptoslate.com\/disclaimers\/how-cryptoslate-makes-and-spends-money\/","actionableFeedbackPolicy":"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback","correctionsPolicy":"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback","ethicsPolicy":"https:\/\/cryptoslate.com\/editorial-policy\/#editorial-principles","foundingDate":"2017-08-04","founder":[{"@type":"Person","name":"Nate Whitehill"},{"@type":"Person","name":"Matthew Blancarte"}],"contactPoint":[{"@type":"ContactPoint","contactType":"customer support","url":"https:\/\/cryptoslate.com\/contact\/","availableLanguage":"en-US"},{"@type":"ContactPoint","contactType":"sales","url":"https:\/\/cryptoslate.com\/advertising\/","availableLanguage":"en-US"},{"@type":"ContactPoint","contactType":"newsroom","url":"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback","email":"tips@cryptoslate.com","availableLanguage":"en-US"}],"masthead":"https:\/\/cryptoslate.com\/about\/#masthead"},{"@type":"Person","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/3b5f2fa9827994f139783527d486ce63","name":"Dylan Dedi","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/author-dylan-dedi-150x150.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/author-dylan-dedi-150x150.jpg","caption":"Dylan Dedi"},"description":"Dylan is a cryptocurrency writer with a big interest in blockchain. He has peer-reviewed, edited, and written ICO whitepapers, web content for blockchain websites, and blog articles focusing on the current ecosystem of the FinTech world.","sameAs":["http:\/\/thecopy.team"],"url":"https:\/\/cryptoslate.com\/author\/dylan-dedi\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/19093"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=19093"}],"version-history":[{"count":6,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/19093\/revisions"}],"predecessor-version":[{"id":19200,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/19093\/revisions\/19200"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/19187"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=19093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=19093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=19093"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=19093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}