The petro, or petromoneda, launched in February 2018, is a cryptocurrency developed by the government of Venezuela. Announced in December 2017, it is claimed to be backed by the country's oil and mineral reserves, and it is intended toShow more [+] supplement Venezuela's plummeting bolívar fuerte currency, purportedly as a means of circumventing U.S. sanctions and accessing international financing. Petros will be "pre-mined", meaning that new tokens cannot be created after the issuance, and are likely to be a token on the Ethereum network.