U.S. Markets closed

Venezuela launches crypto platform to drive use of its oil-backed Petro

Aislinn Keely

The Venezuelan government now has a fully operational, state-run crypto platform, according to a statement from the government Monday. The Patria Remesa system can be used to transfer money using the government's oil-backed crypto, the Petro or Petromoneda.

The country launched the Petro last year. Now, it's coupling that with a state-run crypto platform. It allows citizens abroad to transfer funds to those in Venezuela, as reported by Futurism.

The National Superintendent of Cryptoactives, Joselit Ramírez, said in a statement that the platform is the safest way to send money, calling it a secure tool for transferring assets as remittances from other countries to Venezuela. Ramírez said this is a way to avoid the depreciation of income. 

According to Ramírez, the Petro plan was designed by embattled Venezuelan President Nicolás Maduro, whose grip on power in the nation following his controversial re-election in 2018 is seen as illegitimate by many, including the U.S.

Ramírez also referred to the traditional financial system as lacking and pointed to crypto as the coming economic revolution, saying a pivot towards crypto would advance both the Venezuelan and global economies.