Part 5/8:
The Petro: A Failed State-Backed Currency
The turning point came when Jimenez’s contacts in the government informed him that Nicolás Maduro officially approved the Petro. Shocked, Jimenez reflects on the irony: although the regime claimed the Petro was a step toward transparency, it was fundamentally misunderstood and poorly executed.
He recalls the government’s lack of comprehension regarding blockchain technology, which became evident during discussions. They didn’t understand the importance of coded limits and transparency—features that could have been used to hold the government accountable. Jimenez envisioned deploying these features, allowing the public to watch government transactions live and ensuring total transparency in the flow of public funds.