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Cryptocurrency

Venezuela Launches Its National Cryptocurrency Petro

Kristina Frunze | Oct. 2, 2018
Venezuela Launches Its National Cryptocurrency Petro

Venezuela launches cryptocurrency petro Blockchain, according to Nicolas Maduro, the leader of the country. Earlier this February, the country released petro, and now this cryptocurrency is ready to be used by residents of Venezuela.

2 October 2018 – The national cryptocurrency of Venezuela, petro, has been officially formalized, according to the President of the country, Nicolas Maduro. Petro is backed by Venezuelan oil reserves and comes as a part of the Nation's Economic Recovery, Growth, and Prosperity Program.

Venezuela Launches Cryptocurrency Petro Blockchain

Nicolas Maduro has announced during his speech that was broadcasted on TV:

 “The Petro, unlike other digital currencies, doesn't need to be mined because it already has a value, it is shielded with Venezuelan oil and mining wealth.”

As per the head of the state, the Petro is already active in six global international exchange houses and now is about to be accepted at a national level. Mr. Maduro added:

"All Venezuelans will have access to the Petro and through it to make international purchases."

He has added that Petro coins will be a legal substitute for dollars in real estate deals and for purpose of purchasing good such as airline tickets and the like. He explained:

“The National Plan of Criptoactives of Venezuela will last 10 years. This is going to be the epicenter of the development of a new economy in the country.”

Venezuelan Sovereign Bolivars

According to officials in Venezuela, the Petro coin will “neutralize” the threat of black markets and money mafias in the country. Such money mafias are usually blamed for a drop in the value of the Venezuelan currency, which further contributes to the slump in the country’s economy. 

Some other initiatives have been taken to balance out South American nation’s economy. These were introduced along with the circulation of the Sovereign Bolivar earlier last month. 

As per experts, the governmental goal is to get rid of imbalances, which are still arising as a result of the economic war. 

The outstanding offer of the Sovereign Bolivar will be subject to the number of Petros available. It will act as a conversion box. At the same time, it will be linked with the value of the price of Venezuelan oil, according to local media reports. 

It is also understood that each unit of cryptocurrency will be equal to 3,600 Sovereign Bolivars. 

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.