Venezuela’s Petro To Go On Public Sale Next Month

Venezuela’s Petro To Go On Public Sale Next Month

October 5, 2018 0 By Austin Patel

The Petro digital coin has been launched by the Venezuelan government and its public sale has been said to be in November.

State-Backed Petro In Public Sale To Venezuela Nationals

Nicolas Maduro, Venezuela’s president announced during a televised address that the Petro will be going on public sale on the 5th of November. He also announced that the state-backed Petro was already listed on six international Crypto exchanges, he, however, did not say in which Crypto exchanges the Petro was currently available. Purchase of the Petro will be possible by using other well-known Cryptocurrencies as well as international fiat currencies.

In his address, the president said that it will be possible to purchase Petros using Bitcoin, Ethereum as well as popular fiat currencies such as the dollar and the euros. He also added that the Petro will be going on sale in early November and at this time Venezuelans in sovereign bolivars will be able to buy the state-backed digital coin.

A Solution For Sanctions-Hit Venezuela

A Crypto wallet has been developed and is available for Android devices for the Petro. It has however not bee reported when a version for the iOS devices like iPad and iPhone will be developed or made available. The Petro’s white paper has already been published and is available on a website set up by the national government.

Although it was previously stated that the Petro digital coin was being backed by the oil reserves in the oil-rich nation, the white paper clarifies that the digital coin is also being backed by other natural resources in the country like aluminum, gold, iron, and diamonds. These other natural resources have been said to be backing the Petro in varying proportions.

In addition to his announcement that the digital coin could now be used by the nation’s citizens in purchasing goods and services such as hotel accommodations, properties and airline tickets the president also said during his address that the nation’s oil will be available for purchase only using the state-backed Cryptocurrency. This has been seen as a way for the nation which has been plagued by sanctions to continue transacting with other nations, organisations, and individuals while circumventing the sanctions.

Citizens Turn To Cryptocurrency To Combat The Economic Crisis

Citizens Turn To Cryptocurrency To Combat The Economic Crisis

Wilmar Castro Soteldo, who is the country’s minister of agriculture, has said that through the Petro Venezuela will be able to reclaim its sovereignty. In his comments on the launch of the Petro, the agriculture minister said that the digital coin will create an opportunity for other operators of digital coins around the world to transact with the country without fearing any backlash or persecution on account of the sanctions adding that it will become an important tool for liberating the country.

This launch has come at a time when the country continues to experience a severe economic crisis even though the Venezuelan government devalued the Bolivar, which is the nation’s fiat currency, as an attempt to control the inflation. As a result, many of the nation’s citizens have turned to Cryptocurrency.