Maduro’s Dream – A Common Cryptocurrency for all OPEC Countries

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As the head of a country under pressure from international sanctions, Nicolas Maduro believes that the Petro will be his country’s ultimate weapon.

An Oasis Behind the Blockchain

Being a man who has been won over by the advantages of cryptocurrency, the Venezuelan President recently met with OPEC Secretary General, Mohammad Sanusi Barkindo. After their exchange, Maduro told the media that he will “Officially propose the adoption of a common cryptocurrency backed by oil to any oil producing country. OPEC member or not”

The Petro, which is planned to be launched in the near future, will be available for all oil producing countries. Maduro wants to back this new cryptocurrency by several different commodities including a reserve of 5 billion barrels of crude oil. According to Sputnik, a Russian news agency, the value of the Petro will be pegged at the value of one barrel of Venezuelan oil.



The President plans to loosen the economies of oil producing countries by using Blockchain technology and its technological tools including smart contracts.

Maduro also called for the renewal of the agreement between OPEC and non-OPEC countries to reduce oil production. This agreement took effect on December 1st, 2017 when OPEC countries pledged to reduce their oil production to 1.2 million barrels per day. Other non-OPEC countries promised to reduce their production to 600,000 barrels per day. Whereas Russia planned to reduce production to 300,000 per day.

The Opposition

Although preparations are underway for the launch of the Petro’s ICO, there are still many in the Venezuelan parliament who opposed the initiative.

One lawmaker, Jorge Milan told Reuters that “the initiative is unconstitutional and is like mortgaging the country’s oil reserves.”

Also, on an international level, Maduro’s decision has angered many US officials.

New Jersey Senator, Bob Menendez, and Florida Senator, Marco Rubio, co-wrote a letter to the Treasury Department expressing their outrage at Maduro’s Petro. They also called for measures to be taken to thwart the President’s project to circumvent US sanctions.

Having experienced a decline of 18% in 2016 and 12% in 2017, Venezuela, with its back against a wall intends to seize this opportunity to use Blockchain to their advantage. Therefore, rallying all OPEC countries together would only further strengthen the public’s confidence in this new currency.

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