🛢️ Petro to be used for international exchange starting in October

According to a statement for Venezuelan president Nicolas Maduro, the national oil-backed Petro cryptocurrency will be used for international commercial transactions starting next month. Maduro did not clarify how the asset would be used, since it is not listed on any major cryptoasset exchange sites, nor which countries would be willing to accept it. Other issues with the crpytocurrency were outlined in an earlier report from Retures that highlighted, among other things, that the Petro did not appear to be backed by oil, which was one of its defining features.