Crude oil has been the Venezuela's largest exporting commodity and one of the nation’s economic lifelines. Nevertheless, since the Venezuelan government imposed that port fees have to be borne in the country’s debatable and controversial stable coin, ‘Petro (PTR)’, as a result, couple of oil buyers have paused their buying exposures.

At the beginning, there were quite a few speculations about the very existence of such crypto-asset. While the digital currency named “the petro” has already been unveiled by the Venezuelan government that is said to be a cryptocurrency backed by the oil reserves in the region.

“I have ordered the emission of 100 million Petros with the legal sustenance of Venezuela’s certified and legalized oil wealth. Every Petro will be equal in value to Venezuela’s oil barrel,” President Maduro stated.

But for now, Venezuela's ‘Petro’ which happens to be the digital currency remains hindered in controversy. Amid the prevailing economic apprehensions some oil buyers have reportedly halted purchases foreseeing threats of violating U.S. sanctions.

Adding salt to the injury, in addition to the “bumpy” Petro adoption, approximately about more than 1 million barrels of oil have been kept on hold upon the government’s announcement of the change in payment policy for specific maritime fees.

The Petro has originally been unveiled back in 2018 to outwit the U.S. sanctions that has taken a heavy toll on the country’s struggling economy. While the Petro public sale commenced on November 5th, 2018, more than eight months after its presale in February 2018. For President Maduro, the state-issued cryptocurrency which was perceived to be a vital part of his administration’s economic recovery plan, but currently seems to be struggling.