Venezuela gets 6 exchanges to sell Petro crypto

The Venezuelan national government recently accredited 6 cryptocurrency exchanges and gave them the go-ahead to start trading Petro, the national coin. Petro token was launched a year ago and is now the official Venezuelan national currency.

Six Exchanges Will Sell Petro

According to media reports in Venezuela, the national government has authorized a total of 6 cryptocurrency-related websites to start trading the national coin. In one local news report, it was claimed that the Petro would be available starting on October 17 on six sites. In past reports, the president had claimed that 16 companies would be authorized to sellthe crypto.

The exchanges that can sell the crypto include Afx Trade, Bancar, Cave Blockchain, Cryptia, Amberes Coin, and Criptolago. The Petro is already being advertised on some of the authorized sites. In a speech by the president, the Petro would be offered at the six most powerful exchanges globally.

A closer analysis of the sites revealed that on Cryptia, for instance, XRP, Dash, and ETH were listed for trading against BTC. However, there is no trade for any of the coins listed on the site thus far. However, this might change with time.

On one of the sites, which is in Spanish, state that users can access the Petro in bolivares and trade them for ETH, BTC, or American dollars.

The Amberes Coin site states that it is a crypto exchange authorized by the government of Venezuela to buy and sell Petro, ETH, and BTC. It also adds that it can add any other coin that the regulators in the nation will approve.

Afx trade claims to be a crypto exchange, which supports the trade and safeguarding of virtual assets inside and outside Venezuela.

Recent Changes

In October 2018, the Venezuelan government released a whitepaper for the Petro. The document is quite similar to that of the Dash whitepaper.

Unlike in 2017 when the Petro was first announced, it will no longer be an oil-back coin. Instead, it will be backed by oil, gold, iron, and diamond at 50, 20, 20, and 10 percent respectively.

Why Venezuela Is Going Digital

The Venezuelan nation has been in a lot of economic difficulty in recent years. This has led to the crash of its national currency. In fact, nobody uses the national currency anymore due to inflation reaching as high as a million percent.

This has forced most citizens to flee the nation. Others have had to adopt crypto in order to preserve the value of their investments. The government saw this and decided to come up with its own crypto coin. To encourage its adoption, the government has come up with various initiatives. For instance, citizens will now have to pay for the passports using the Petro crypto coin.

This new passport will cost two Petros. Extensions for the passport will cost one Petro. However, this is still quite high, a recent report shows that two Petros equal to four times the minimum monthly wage of Venezuela.

Also read: Zcash teams up with Parity to bolster the crypto as a tool for financial privacy