Venezuela Authorizes Six Crypto Exchanges To Start Selling Petro Next Month

Announcements | October 19, 2018 By:

Six crypto exchanges has been authorized by the Venezuelan government to start selling the country’s new national cryptocurrency, the petro, next month.

Although Venezuela’s President Nicolas Maduro announced in April of this year that he had certified 16 crypto exchanges to facilitate the adoption of the petro, the national cryptocurrency will only be available at six exchanges. These include Cave Blockchain (caveblockchain.com), Bancar (bancarexchange.io), Cryptia (cryptiaexchange.com), Amberes Coin (amberescoin.com), Afx Trade (afx.trade), and Criptolago (criptolago.com.ve). Some of these exchanges are already advertising the petro on their websites.

Earlier this month, Maduro announced at a press conference that the public sale of the petro will commence on November 5. At the time, he promises that the “six most powerful exchanges in the world” will be working with him on making petro available to everyone for both cryptocurrencies and fiat.

“If you have bitcoins you can buy petros, if you have ethereum you can buy petros, if you have dollars or euros you can buy Petros,” Maduro said. “And from November 5, the Petro … will go on sale to the Venezuelan public in sovereign bolivars.”

Maduro also announced the release of a new whitepaper for the petro. The whitepaper stated that the national cryptocurrency would be using Dash’s X11 mining algorithm for Proof of Work, as well as a staked master node system for Proof of Stake verification. It also stated that the petro is no longer only backed by oil. Instead, it will be backed by 50 percent oil, 20 percent gold, 20 percent iron, and 10 percent diamond.

The petro is Venezuela’s latest attempt to circumvent international sanctions which plunged the country into an economic crisis. However, critics have called the cryptocurrency another instance of poor fiscal management on behalf of the Maduro regime, and the equivalent of the government “printing money.”