Petro

$PTR refers to Venezuela's Petro cryptocurrency launched in February 2018 by President Nicolás Maduro. The Venezuelan government explicitly claimed that each Petro token was backed by the value of one barrel of oil from the country's reserves , along with additional backing from natural gas, gold, and diamonds. The Petro failed to gain significant adoption, faced international sanctions (including a U.S. ban on transactions), and was officially phased out in January 2024 amid corruption scandals. While the official claim was oil-backed, substantiated evidence shows it never functioned as a genuinely asset-backed token.