Analysis: There are three reasons why the Venezuelan government favors and promotes Petro in the country

According to, the Venezuelan government recently asked stores to accept Petro payments. The Zerohedge analysis article states that the Venezuelan government favors Petro for three reasons:

1. Avoid U.S. sanctions. As a digital currency, Petro enables people to send and receive funds anywhere in the world. These transactions are much less likely to be discovered by the US government.

2. Internal monitoring. For international transactions, Petro provides those who intend to circumvent US sanctions with some financial privacy that traditional cross-border electronic transfers cannot provide.

3. Shortage of cash. By reducing the need to print new banknotes during hyperinflation, Petro reduces the likelihood and extent of cash shortages.