petro

💥 THE CRYPTOCURRENCY THAT NEVER TOOK OFF
In 2018, the government of Venezuela announced the Petro, the first cryptocurrency backed by oil. It promised to be an economic lifeline and an alternative to the dollar.
But the reality was very different. The Petro didn’t achieve what it promised. It became a reminder of what not to do in the crypto world.
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📌 WHAT WAS THE PETRO?
It was a cryptocurrency issued by the Venezuelan state in 2018, allegedly backed by barrels of oil, gold, and diamonds. Its goal was to bypass economic sanctions and attract foreign investment.

May 08, 2026
The U.S. authorized advisory services for the restructuring of Venezuela's debt, but explicitly prohibited the use of petro.
The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury issued General License 58 (GL-58) on May 5, 2026, under the Venezuela Sanctions Regulations.
The document opened a regulatory window for law firms, financial advisors, and consultants to provide services to the Venezuelan government regarding a potential restructuring of its sovereign debt, including the debt of Petróleos de Venezuela, S.A. (PdVSA) and its affiliated entities. However, the text imposed a direct restriction on digital assets.