CRYPTOMARKET

Venezuela begins Petros public sale

Venezuela has opened up an exchange desk for the countries newly created cryptocurrency, the Petro. The desk is based at the headquarters of the Superindenceny of Cryptoassets. Investors can now purchase the Petro using a range of fiat currencies as well as cryptocurrencies and some delegates from China have reportedly purchased some using yuan,

When conceived the Petro was originally to be backed by oil that was in the ground and Venezuela had drawn criticism that it lacked the infrastructure to actually realize the oil. However, the latest white paper shows that the currency is supposedly backed by gold, iron, and diamonds in addition to oil. The Venezuelan government-backed newspaper Correo del Orinoco wrote:

“This Monday the sale of el Petro cryptocurrency is successfully launched for all Venezuelans and those who want to make financial transactions digitally through this mechanism.”

Tarck El Aissami, Venezuela’s vice president of the economy, explained that they Petro can be purchased using a variety of methods including fiat currencies such as the dollar, yuan, and the euro, he elaborated, adding that accepted cryptocurrencies include BTC, ETH, and XEM.

Some Venezuelan government officials turned up to purchase the Petro on Monday. Each was issued a Petro certificate. “Superintendent Joselit Ramírez described the day as a success,” El Aissami tweeted. Ramírez has replaced Carlos Vargas as Venezuela’s Superintendent of Cryptoassets.

What is curious is that at the time of writing the links to download Petro wallets on the official Petro website are not working and only user guides are available. In addition to this, the Google Play store has suspended the wallet, claiming they are checking the wallets functionality before reactivating it.

The Venezuelans block explorer for their cryptocurrency is only showing a total of 304 blocks despite the whitepaper suggesting the blockchain operates at a rate of one block per minute.

The public sale has been moved forward, it was originally scheduled for the 5th of November due to “the fluidity with which events developed and the support of President Nicolás Maduro,” El Universal quoted.

El Aissami has unveiled two additional petro options which will be enabled on the Sunacrip website on Nov. 5. They are Petro Pago (pay) and Petro Ahorro (savings). He stated that he has been meeting with representatives of savings banks to discuss starting Petro savings plans, he stated “We are in the purchasing stage [of the petro]. Next week will be the savings stage.”

Venezuela’s Vice President Delcy Rodríguez has been strengthening ties with China through the Chinese Development Bank as part of the Economic Recovery Program developed by Maduro, according to Correo del Orinoco.

“The delegation from the China Development Research Center attended the initial sale of el Petro cryptocurrency and as a sign of confidence several of its members bought the Venezuelan digital currency” with yuan, the publication announced.

Rodríguez tweeted: “Thanks to our brothers from the People’s Republic of China … the first in line to buy Petros in yuan.”

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