Additionally, the bolívar soberano is supposed to have a fixed exchange rate to the petro cryptocurrency, with a rate of 3,600 bolívares soberanos to one petro; a peg of petro and bolívar soberano was announced by Maduro as early as 15 August. The petro is supposedly tied to the price of a barrel of oil (about US$60 in August 2018). As of the end of August 2018, there is no evidence that the cryptocurrency is being traded. Petro is regarded by many as a scam.