Venezuela commissions six exchanges to sell national cryptocurrency Petro

Mattie Hesen

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Venezuela just gave the green light for six crypto exchanges to start selling Petro (PTR), the national cryptocurrency, according to the government’s official website.

Local media publication Noticiero Digital explains:

The petro will be available from this Wednesday, October 17, at six exchanges, although President Maduro announced previously that there would be 16 certified companies that could market the digital currency.

The six websites commissioned to sell PTR are caveblockchain.com, bancarexchange.io, cryptiaexchange.com, amberescoin.com, afx.trade, and criptolago.com.ve.

Earlier this month, Venezuela’s president Nicolas Madura announced the Petro would be available at the “six most powerful [exchanges] in the world”.

On Cryptia exchange, there are three cryptocurrencies which can be traded against bitcoin: ETH, DASH, and XRP. So far they have zero trading volumes. Nevertheless, the platform has already begun to advertise selling Petro, which can be purchased using bolivares and exchanges for US dollar, BTC, or ETH.

Amberes Coin and Afx Trade platforms advertise themselves as crypto exchanges authorized by the state to buy and sale various digital assets, including the Petro, bitcoin, and ether.

Maduro’s government published a new whitepaper for the petro, earlier this month which seems to be very similar to DASH’s whitepaper.

Last year in December, the Petro was first described as being backed by oil. The new whitepaper brings some changes, explaining that now the Petro is backed 50% by oil, 20% by gold, 20% by iron, and 10% by diamonds.

Interestingly, Maduro announced in April that 16 exchanges will be authorized to sell the petro. Noticiero Digital points out that only 6 have actually been commissioned and Afx Trade was not on the original list.

When he announced the launch of Petro in September, Maduro highlighted the token was created to help stabilize the economy and reduce the country’s chronic inflation. He stated:

“Petro is already present in the world’s six topmost international exchange houses and will now be accepted at a national level… All Venezuelans will have access to Petro and through it to make international purchases… Petro coins are now a legal substitute to dollars in real estate deals as well as paying for goods such as airline tickets, hotels and the like.”

As the Petro is now available for purchase in Venezuela, the government is hoping the digital coin will help boost the country’s financial independence and economic stability by encouraging a more balanced and faired international financial system.