Cryptocurrencies as Asset-Backed Instruments: The Venezuelan Petro

9 Pages Posted: 17 Feb 2018

See all articles by Usman W. Chohan

Usman W. Chohan

UNSW Business School; Critical Blockchain Research Initiative (CBRI)

Date Written: February 7, 2018


This paper explores the notion of cryptocurrencies as asset-backed instruments, examining the purported creation of Petro, a device intended to supplement the Venezuelan Bolivar Fuerte and backed by the country’s extractive reserves of oil and gas. This allows for an examination of the possibility of deploying cryptocurrencies as complementary currency instruments which are backed by real assets, in terms of the consequences therein for international monetary exchange, extractive industries, and governance/accountability issues.

Keywords: Monetary Policy, Cryptocurrencies, Bitcoin, Central Bank, Accountability, Development, Political Economy

Suggested Citation

Chohan, Usman W., Cryptocurrencies as Asset-Backed Instruments: The Venezuelan Petro (February 7, 2018). Available at SSRN: or

Usman W. Chohan (Contact Author)

UNSW Business School ( email )

UNSW Business School
High St
Sydney, NSW 2052

Critical Blockchain Research Initiative (CBRI) ( email )

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