Venezuela Starts Sale of Petro Coin for Fiat

1600 Total Views

Venezuelan Economy Department announced on Twitter that it’s state-owned digital currency the Petro is now available for purchase via fiat currency and cryptocurrency.

As per an infographic incorporated in the tweet, Petro coin can now be purchased directly from the nation’s treasury via the coin’s official website or from six government authorized cryptocurrency exchange. The state issued can be bought for fiat, specified in the graphics as Euro, U.S. dollar, and  Yuan, or for certain digital currencies by legal entities and people who have registered and passed a validation process on the coin’s official website.

As per Petro’s official Twitter, which has evidently been suspended, the coin can be bought with Bitcoin, Dash, and Ethereum. Although, the National Cryptocurrency Association reports the Petro is only available for Litecoin and Bitcoin, among digital currencies.

The government has further assigned a superintendent of crypto assets and related activities Mr. Joselit Ramirez, who is responsible for handling Petro’s client service issues.

The six cryptocurrency exchanges Afx Trade, Bancar, Cryptia, Cave Blockchain, Criptolago, and Amberes Coin have been authorized by the Venezuelan government to trade coin as of October 16. None of the exchanges is listed amidst the top-100 crypto exchange on CoinMarketCap.

Prior this month, Venezuelan President Mr. Nicolas Maduro had declared the official date for the launch of Petro’s public sale would be 5th November nearly eleven months after he first hinted the possibility of state-backed digital currency.

At the time, Mr. Nicolas Maduro unveiled that Petro would be traded on six authorized digital currency exchanges. However, he refrained from naming them. Besides, the Petro wallet was launched on the same day on Google Play, but since has been deleted.