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Maduro’s Approach for Petro: Certifications of Crypto Exchanges

Nicolas Maduro, the president of Venezuela since assuming office in 2013, announced the Petro in a televised address on December 3, 2017. He stated that this cryptocurrency developed by the government of Venezuela will be backed by the country’s reserves of oil, gasoline, gold and diamonds. The government of the crisis-hit country says it was created in order to help overcome financial sanction imposed by the US and EU as reported by The Independent Tech.
The pre-sale of the Petro started last February 20, and on Thursday, Maduro announced the end of the pre-sale. He claims it has raised the equivalent of over 3 billion dollars.
According to Venezuelan newspaper with government backing Correo del Orinoco, Maduro has “authorized the certification of 16 exchange houses for cryptocurrencies,” which will help facilitate Petro transactions in the international market. Furthermore, Maduro was quoted saying “The certification of these 16 exchanges is a demonstration of confidence in the system of the Petro as a cryptocurrency, and will allow liquidity and solid transactional volume.” This was during the inauguration of Venezuela Power Expo 2018 in Caracas.
Cryptocurrency exchanges or digital currency exchanges are business that allow customers to trade cryptocurrencies for other assets or different digital currencies.
The certified 16 exchanges are: Criptoexchainge, Criptocapital, Asesoria Financiaera CA, Italcambio, Amberes Coin, Cave Blockchainge, Valoratta Casa de Bolsa, Consecure.ve, Critiaechainge, Criptolago, Criptoventaige CA, Criptoactivo Menets CA, Criptoactivo Bancar CA, Criptomundi Casa de Intercambio CA, Inversiones Financieras 1444 CA and Criptoactivo Criptoes. However, there is no confirmation that any of them have agreed to list the Petro at the time of this writing.
India’s Coinsecure is on the list of certified exchanges by Venezuela. Venezuela offered India a 30% discount on crude oil purchases given that India uses the Petro. Coinsecure CEO Mohit Kalra said Venezuela wanted to add Petro as a cryptocurrency on Coinsecure so they can trade Petro against bitcoin and the rupee. Kalra said, “That would be run by their brand name, but the back-end will be us. We plan to provide them with 10-15 cryptocurrency players.” He added that Maduro wanted to hold a conference in India, to pitch Petro. However, given the Petro’s legality hangs in the balance, we will have to wait how this deal develops.
Additionally, Maduro promised that he will continue promoting the currency. He also declared that he has signed the paperwork to create and Industrial and Economic Investment Fund in Petro for credit loans.

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