Venezuelan Government is selling its Petro cryptocurrency

By Moris Beracha.- 

In spite of the financial sanctions imposed by the United States, the European Union and other countries of the world on the government of Venezuela, the president of the Latin American country, Nicolás Maduro, is seeking to find resources through the cryptocurrency Petro.

It is important to mention that this token, which is backed by certified oil reserves and precious metals lacks international confidence, which is fundamental for obtaining economic benefits.

Despite the complicated scenario, the so-called “Bolivarian and revolutionary” government announced that from October 29, 2018, Venezuelans or any citizen in the world will be able to buy the Petro with convertible currencies such as the dollar, the yuan or the euro and with bitcoin, Ethereum, Nem, among others.

In this sense, the vice president for the economic area, Tarek El Aissami, said in a press conference that whoever wants to buy petros with other cryptocurrencies, can enter the website www.petro.gob.ve click on “petro compra” and once the transaction is made, the operation that the user has traded will be downloaded to the wallet (digital wallet) of the user.

“All users who are going to trade in petros should only have Internet connectivity and access to the website (of the petro),” said the Venezuelan official.

He also pointed out that purchasers of the Venezuelan cryptocurrency using foreign currency, should go to the headquarters of the National Superintendence of Crypto Assets and Related Activities (Sunacrip) in Caracas, at the box offices enabled to perform the transaction.

Moreover, he mentioned that in Venezuela merchants will be able to charge petros for their products and services, which in his opinion is positive news for Venezuelan citizens.

The government has also reported that the air fuel will be charged in Petros, which would force the different lines traveling to Venezuela to acquire large amounts of the cryptocurrency.

Some analysts linked to the Maduro regime assure that the Petro is Venezuela’s escape from financial blockade; however, many sectors in the world also consider that forcing companies to trade with this cryptoasset could bring new sanctions by the powers which could lead to the digital currency’s death.

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