The Venezuelan President, Nicholas Maduro has announced that the sale of the country’s cryptocurrency will start in November. This was announced on October 1, after the previous announcement that the cryptocurrency would be in circulation in August.
Sale Of Petro To Start In November
The national cryptocurrency project of Venezuela introduced earlier this year by the Venezuelan President, Nicholas Maduro is recently announced to start selling by November.
In what was claimed to be the official launch of the cryptocurrency, Petro, Maduro stated that the official website of the cryptocurrency had been launched. The cryptocurrency was introduced to salvage the economy of the country from hyperinflation and international sanctions this year.
Also, Maduro in a TV broadcast stated that Petro wallet is now available on the Google Play Store and the official public sale will start on the 5th of November to be specific.
To aid the reach and use of the cryptocurrency, the President also stated that the cryptocurrency would be available on six major crypto exchanges starting from October 1. No specific exchange was mentioned by the president nor was the cryptocurrency mentioned to have been listed by any of major cryptocurrency exchange in the world.
Further, Maduro stated that the oil-backed cryptocurrency, Petro, will be in use for oil purchase in and out of the country. This regulation is also bounded on an international airline that its route cuts across the local airports, as aviation fuel would be purchased with the national cryptocurrency, the Petro.
Meanwhile, Maduro reaffirmed that the cryptocurrency is backed by oil in the October 1 speech, while the latest white paper of the cryptocurrency stated that the currency is back with 50% Oil, 20% by Gold, 20% by Iron and 10% by Diamond.
Previous Announcement, and Attempt To Restructure
Notably, the national cryptocurrency project has seen different announcements from the President of Venezuela, Nicholas Maduro in the past. He had previously stated that the cryptocurrency would be in circulation by August. However, the announcement saw no fruition as Bloomberg findings revealed that the cryptocurrency was non-existing in the country.
An American magazine, Wired shared the same opinion of the cryptocurrency that the cryptocurrency was only a stunt to cover the failure of the government.
Before the introduction, the United States of America and the IMF has dubbed the cryptocurrency to fail, likewise some crypto experts and economists around the world.
Meanwhile, the latest announcement by the President could be regarded as an attempt of Maduro to salvage the failed cryptocurrency project. However, an expert at the Washington-based Center for Strategic and International Studies stated that it is too late to save Petro and there is no confidence, and it won’t get any.