Cryptocurrencies as Asset-Backed Instruments: The Venezuelan Petro

9 Pages Posted: 17 Feb 2018  

Usman W. Chohan

University of New South Wales (UNSW), UNSW Business School; Critical Blockchain Research Initiative (CBRI)

Date Written: February 7, 2018

Abstract

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: https://ssrn.com/abstract=3119606 or http://dx.doi.org/10.2139/ssrn.3119606

Usman W. Chohan (Contact Author)

University of New South Wales (UNSW), UNSW Business School ( email )

Sydney, New South Wales
Australia

Critical Blockchain Research Initiative (CBRI) ( email )

Islamabad
Pakistan

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