PetroDollar is a p2p currency that is developed with the primary goal to shrink relative to the natural oil reserves on a global scale. Its correlation to the oil is 1:10000.PetroDollar is Venezuela’s cryptocurrency. It’s locally known as El Petro in addition to being entirely oil-backed. It was created by the Government of Venezuela mainly to fight the blockage that continually is being imposed by the US, to attract more investments and to form a new and innovative mechanics for payment.In the words of Tareck El Aissami (vice president of Venezuela), El Petro’s idea is to stand as the new government initiative that would be led by President Maduro.PetroDollar is the first when it comes to government-backed cryptocurrencies.

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