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The article focuses on ways to assess the origin and development of the first national currency in the world which was introduced into circulation in Venezuela in 2018.Besides, it sets the goal to find out specific features of Petro (PTR) and its operation as Venezuelan national cryptocurrency.The methodological basis consists of general scientific methods of cognition to include analysis, synthesis, and comparison.The special methods such as content analysis of official documents as well as economic analysis are also applied in the article.The research produced some key findings: recent surveys confirm its new function of becoming a convenient means of payment in the environment of the cash absence, and a means of survival for many families living in the environment of a deepening economic crisis and sanctions introduce by the USA.The main outcomes imply that the national cryptocurrency PRT has some advantages over other cryptocurrencies, one of them being the fact that unlike Bitcoin and other currencies it is issued by the Venezuelan government and has a state guarantee of reliability and stability when operating in the country.However, it is not without disadvantages, the main one being the possibility of its anonymous usage which has resulted in an increased flow of illegal transactions and a larger shadow economy which has grown significantly in Venezuela.The main conclusions drawn from the research are that the introduction of the national cryptocurrency had produced a positive impact on the economic development of the country.In fact, it resulted in an increase in the number of financial transactions within the country; it led to additional opportunities concerning exchanges with other countries and international financing of Venezuela by third parties; the cryptocurrency contributed to the integration of Venezuela into a new type of the world market.
Е.А. Мосакова (Wed,) studied this question.