Skip to Content

Venezuela’s new cryptocurrency doesn’t seem to exist

August 30, 2018

Venezuelan president Nicolás Maduro claims that sales of the petro, the supposedly oil-reserve-backed national cryptocurrency he launched in February, have already raised $3.3 billion, and that the coin is being used to pay for imports. But an investigation by Reuters has found no evidence to back those claims—or that the petro is even a functional cryptocurrency.

Coming up empty: Reuters spent four months speaking with experts on cryptocurrencies and oil-field valuation, visiting oil reserve sites in Venezuela, and analyzing blockchain transactions. It found that the petro is not being sold on any exchange, and no shops accept it. Records on the NEM blockchain, which was supposed to host the token, indicate that it has not been issued.

Still in the works? Hugbel Roa, a cabinet minister involved in the project, confirmed to Reuters that “nobody has been able to make use of the petro … nor have any resources been received.” He said that Venezuela is still developing its own blockchain technology, and that instead of acquiring tokens, buyers of the petro have reserved future ones. That may be true, but it doesn’t square with Maduro’s claim that it’s already being used to pay for things. And it makes his recent announcement that salaries, pensions, and the exchange rate for Venezuela’s bolivar are now pegged to the petro all the more confusing.

Keep up with the fast-moving and sometimes baffling world of cryptocurrencies and blockchains with our twice-weekly newsletter, Chain Letter. Subscribe here. It’s free!

Keep Reading

Most Popular

Geoffrey Hinton tells us why he’s now scared of the tech he helped build

“I have suddenly switched my views on whether these things are going to be more intelligent than us.”

ChatGPT is going to change education, not destroy it

The narrative around cheating students doesn’t tell the whole story. Meet the teachers who think generative AI could actually make learning better.

Meet the people who use Notion to plan their whole lives

The workplace tool’s appeal extends far beyond organizing work projects. Many users find it’s just as useful for managing their free time.

Learning to code isn’t enough

Historically, learn-to-code efforts have provided opportunities for the few, but new efforts are aiming to be inclusive.

Stay connected

Illustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at with a list of newsletters you’d like to receive.