Venezuela's Petro Token Becomes Official Unit of Account

I n what has become a first for cryptocurrency, the State of Venezuela announced late last week that the state-backed Petro token is now an official unit of account. In an overhaul of its existing currency – the Bolivar – the Venezuelan authorities have shaved five zeros off its value and relaunched it as the ‘Sovereign Bolivar’ – which will co-exist alongside the Petro as Venezuela’s official unit of account.  Once fully launched, each Petro token will be backed by a barrel of the state’s national petroleum – with 100 million tokens to be issued. More…