But the ICO moved forward in 2018, and investors in regions where investing was allowed did participate, convinced by the promise that each Petro token would be worth 1 barrel of oil, worth about $70 at the time.
Today we still don't have any verifiable results, just the words of Venezuela's President Nicolas Maduro claiming a massive success of $3 billion sold.
While i'm not a believer in the $3 billion claim, it is possible Venezuela raised a large sum, especially when taking into account the rumors that Russia played a large role in helping them launch it, it's also believable some of Russia's wealthy businessmen bought in on Putin's recommendation.
Poland, Denmark, Honduras, Norway, and Vietnam are also named as nations that participated heavily in the Petro's launch.
The flip side of this however was the launch of the Petro sent the nation's official national currency, the Bolívar, into a nose dive, as the countries own president seemed focused on a new currency.
After The Launch...
The problem is, foreign governments and wealthy foreign investors buying the Petro doesn't bring the currency towards it's official goal. Maduro told potential investors that the Petro's value will come from the combination of it being backed by oil, and heavy usage by their citizens.
But months after the launch it seemed like no one could find an average Venezuelan citizen who owned the token. Reuters journalists on the ground went around asking and reported that the Petro "is nowhere to be found".
The 2 citizens they did find who claimed to own some, one was already convinced it was nothing more than a "scam".
Forced Adoption, and The President Of Crypto Shilling...
Imagine the most aggressive shill in whatever online crypto community you participate in. Now imagine them with the power to make law, and issue orders to use the coin of their choosing.
That's Venezuelan President Nicolas Maduro - and he's kicked off 2020 making it clear that he's gone full-on shameless shill, making it clear that this year is all about pumping the Petro.
Not even a full month in to the new year, and so far in 2020 he has:
● Conducted a nation-wide airdrop. Kicking off new year with a giveaway of 0.5 Petro tokens for citizens who installed the wallet app and registered to use it (worth about $35 USD).
● Required all airlines, no matter what country they are from, and regardless if they are moving people or shipping goods, will need to stock up on Petro if they plan to refuel their planes before take off - because the Petro will soon be the only way to purchase airplane fuel in Venezuela.
● Gambling, previously banned in Venezuela, is back! But it will only be allowed using the Petro. The first approved location announced is the Humboldt Hotel in the tourist area of Caracas.
Unlike previous moves to push adoption where citizens were forced to accept payment in Petro, these recent moves are all about making people use it.
So, why the sudden hard push?
While there's no official reason given for the sudden push of the Petro, we believe Maduro is working towards a previously expressed goal - turning the Petro into a currency used for international trade.
Starting with the regional ALBA-TCP trade partner nations of Antigua & Barbuda, Cuba, Dominica, Grenada, Saint Lucia, Saint Vicente and the Grenadines, Saint Kitts and Nevis, Bolivia, Ecuador and Nicaragua - Maduro is attempting to show the cryptocurrency has strength, backing, and usage at home - then, he will invite ally nations to participate as well.
But any nations that join in will face opposition and possible economic consequences from western nations that oppose Maduro and Venezuela (at least while under his leadership), meaning international adoption will be an uphill battle.
Then, the larger question - Maduro was nearly outed last year as an internal uprise attempted to remove him as President. That attempt obviously failed, but it's safe it assume it won't be the last time he fights to remain in power against his enemies within, of which he has many.
What happens to the Petro if there's no more President Maduro?
This factor alone is enough to leave even ally nations watching from the sidelines - as the Petro, and the man behind it both struggle for stability.
Perhaps that's why despite the aggressive start to 2020, the Petro is selling for half of it's official price on Localbitcoins.
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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk
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