Is Venezuela’s Petro a Viable Option to Become OPEC’s Oil-backed Cryptocurrency?

Colleagues, most readers will know that Venezuela’s socialist government wants to circumvent US economic sanctions by launching its Petro (PDVSA) cryptocurrency. This move would provide the beleaguered government access to financial resources it so desperately needs. The broader issue is whether OPEC should adopt the Petro as its de facto digital currency for global crude oil transactions among both first and third world nations. Venezuela ranks a distant 6^th place behind Saudi Arabia, Iraq, Iran, the UAE and Kuwait according to crude oil production data from Statista. The Cryptocurrency Academy predicts that OPEC will steer clear of “little Venice’s” Petro as reported by Prensa Latina and instead adopt an oil-back cryptocurrency sponsored by Saudi Arabia’s Aramco in mid-late 2019. We also predict that a Saudi sponsored currency is likely – by design – to be far more transparent than the Petro when it comes to tracking payments and transactions. Post a comment today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)