Venezuela's Petro cryptocurrency has had a minimal impact on the country's economy, despite being the first national cryptocurrency launched in 2018. The petro is not an open and public cryptocurrency; instead, it is a private cryptocurrency built on a closed system and controlled by the government. The petro's value is pegged to the price of one barrel of Venezuelan oil, and its exchange rate includes a discount factor determined by the government ¹ ².

The petro has been used by the government to circumvent international sanctions, but it has not been used for its intended purpose of stabilizing the economy. The petro has failed to gain traction, and its use has been limited to a few specific transactions, such as paying pensioners and retirees ¹. The petro has also been used to pay for gas at some gas stations ¹.

The majority of Venezuelans have not seen any benefits from the petro, and the country's economic crisis continues unabated. The petro has been criticized for lacking decentralization, security, and transparency, which are key features of open and public cryptocurrencies like Bitcoin ².

In fact, Venezuelans have turned to other cryptocurrencies like Bitcoin to hedge against inflation and to send remittances. The country ranks third on the Global Crypto Adoption Index, and the volume of bolivar transactions on peer-to-peer exchanges like LocalBitcoins is one of the largest in Latin America ³.

In conclusion, the petro has failed to have a significant impact on Venezuela's economy, and its use has been limited. The country's economic crisis continues, and Venezuelans have turned to other cryptocurrencies to find solutions to their economic woes. The petro's failure serves as a cautionary tale for other countries considering launching their own national cryptocurrencies ².