Venezuela Petro Coin Now Available For Fiat and Crypto

The controversial Venezuelan Petro coin is now available for fiat and crypto. The Economy Department has also published infographic explaining how to purchase the state-issued coin. 

31 October 2018 | AtoZMarkets Venezuela’s controversial state-owned cryptocurrency, the Petro, can now be purchased for fiat and crypto, according to the announcement made by the Venezuelan Economy Department on Twitter.

How To Purchase Petro Cryptocurrency

After months of speculation regarding the status of Petro, the infographic attached to the tweet indicates that Venezuelan citizens can now purchase the coin directly from the country’s treasury via its official website or from the six cryptocurrency exchanges authorized by the government.

The state-issued coin, as explained by the infographic, can be purchased for fiat, yuan, Euro, US dollars, and a number of cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Dash (DASH). 

However, this announcement contradicts the report obtained from the National Cryptocurrency Association (NCA). The report states that the Petro is currently available only for BTC and LTC. This does not come as a surprise as Petro is controversial by its nature. Moreover, to buy the coin, legal entities and individuals must get registered and validate their identities on the Petro's official website.

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The government has also appointed Joselit Ramirez to the post of a superintendent of crypto assets and related activities. Ramirez will be responsible for handling customer's issues related to Petro.

At the moment, there are only six crypto exchanges that have been authorized by the Venezuelan government to trade Petro. They are Bancar, Afx Trade, Cave Blockchain, Amberes Coin, Cryptia, and Criptolago. It is also worthy of note, that none of these exchanges is currently listed among the top 100 cryptocurrency exchanges on CoinMarketCap.

The Initiative Behind The Venezuela Petro

As per officials in Venezuela, AtoZMarkets disclosed earlier this month that the Petro coin will “neutralize” the threat of black markets including money mafias in the country. Money mafias are usually held responsible for a drop in the value of the Venezuelan currency, which further contributes to the decline in the country’s economy. 

Experts believe that the governmental goal is to eradicate imbalances, which are still on the increase as a result of the economic war. 

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