President Nicolás Maduro of Venezuela recently stated that the country’s oil-backed cryptocurrency, the Petro, has over 27,00 ‘affiliated businesses’.
During a program led by journalist José Vicente Rangel, Nicolás Maduro revealed the number is expected “to double in the coming months,” presumably as the Venezuelan government keeps pushing for Petro’s adoption.
This month, the country made it legal to buy and sell cars and real estate using the Petro cryptocurrency. A Venezuelan official also claimed the Petro was accepted as a payment method at 93 stores in the country.
He went on to say that the country’s retirees and pensioners will be receiving their Christmas bonuses in Petros, and that the government will “activate new protection mechanisms with the Petro.”
The President added that the country is looking to “defend the bolivar” but will evaluate how “a dollarization process can be used to achieve economic recovery.” He however said that Venezuela will “always have the bolivar as its currency.”
The country’s cryptocurrency helped it against the “economic war” he said.
We have achieved the slowdown of the economic war through the self-regulation of the economy. With this self-regulation of the economy, other actors have begun to operate with their own currencies.
The Petro is a cryptocurrency the Venezuelan government launched last year and sold to investors.