The Venezuelan government intends to finance solar energy projects using its recently launched state cryptocurrency, “Petro”. Petro is a cryptocurrency developed by the government of Venezuela, and backed by its oil and mineral reserves, which raised $735 million in the first day of a pre-sale in February. Facing the current economic crisis, the government hopes the Petro will supplement Venezuela’s local currency, enabling it to avoid U.S. sanctions levied last year. Global experts warn that the Petro is unlikely to attract significant investment, given this potential violation and uncertainty of the currency.
