Venezuela’s State-Owned Crypto, Petro, Is Finally Up For Sale

Oct 31, 2018 at 12:00 Update Date :Oct 31, 2018 at 12:00 UTC

Petro, the state-owned cryptocurrency of Venezuela is now officially available for the purchase of fiat and crypto.

On October 29, Monday, the Venezuelan Economy Department announced in their tweet that, “The Petro may be acquired by legal and natural persons from its web portal.”

As per the information included in the tweet of Venezuelan Economy Department, Petro now can be purchased from the treasury of the country through the official website of the coin.

It can also be purchased from the authorized exchanges of the government. The state-issued cryptocurrency can be purchased for fiat, identified as Euro, U.S. dollars and Japanese Yuan.

Petro, being evicted as of press time, said in their tweet that the coin can be purchased with Litecoin (LTC), Ethereum (ETH) and Dash (DASH) and Bitcoin (BTC). But as per the reports of National Cryptocurrency Association, Petro, at present is only available for Litecoin (LTC) and Bitcoin (BTC), among all cryptocurrencies.

Absence of Lucidity

Prior to the announcement by the Venezuelan Economy Department, there was a long period of discussion and confusion regarding its position, billed by President Nicolas Maduro as the magic pill in order to finish Venezuela’s economic turmoil.

As per Venezuela’s untapped oil reserves (being situated in the remote region of Atapirine), the virtual currency was promoted by the Venezuelan authorities as a mode of avoiding the debilitating the U.S. economic sanctions by monetizing the export product of the country to the investors’ market globally without using the U.S. Dollar.

Unavailability of Petro

As reported earlier in the month of September, the tour of urban and the remote area of Venezuela led to no evidence of Petro economic activities. The people of Venezuela were as confused as the people outside about the whereabouts of the state-backed cryptocurrency.

Also, as reported in October this year, in the absence of Petro, Bitcoin (BTC) touched the highs with the trading volumes in the country. However, President Maduro and his government have tried numerous ways to encourage the use of Petro. The number of means includes charging fees for passports in Petro and also ordering banks to use the virtual currency.

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