President Nicolas Maduro made an announcement on national TV channel saying: “The Petro enters the street, as a currency of exchange, purchase and convertible currencies for the world.” Though, the areas where the Petro will be used and countries willing to accept the Petro Coin were not specified. The oil-backed cryptocurrency was first introduced back in February of 2018. In the beginning, 82.4 million Petros were available for purchase with top cryptocurrencies and fiat currencies—excluding the Venezuelan Bolivars.