Petro is a cryptocurrency that was launched in February 2018. It is issued by the government of Venezuela and supposedly backed by the countries gold, oil, diamond and gasoline reserves. The petro’s pre-sale started on 20 February 2018 . The total available supply of tokens was 38.4 million, and according to the government the sale raised $3.3 billion. However, Weiss cryptocurrency ratings deemed it a worthless currency and stated that its whitepaper does not specify how the coins is backed by reserves. The response of the cryptocurrency community has been generally negative toward Petro, highlighting its centralisation as its biggest weakness.

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