The government of Venezuela issued their own cryptocurrency, Petro, in 2018. It is supposed to be backed by the country's oil and mineral reserves, and used in support of their plummeting currency, the Bolivar. In August 2018, the country issued a new currency, the Bolivar soberano, which replaced the old currency the Bolivar fuerte. The new currency has a fixed rate against the petro, with 3600 Bolivar Soberanos being worth one petro. In the first week of September, the total volume of Bolivar traded for Bitcoin was slightly more than 120 billion.

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