Venezuelan national cryptocurrency project, Petro is now authorized for trade on six exchanges. This was contained in another announcement joining series of contradictory release that has trailed the cryptocurrency.
Six Exchanges To List Petro
An earlier release by the government of Venezuela had stated that the national cryptocurrency project would be listed on 16 cryptocurrency exchanges. However, a recent announcement has been made by the government authorizing six cryptocurrency exchanges to list the cryptocurrency.
The cryptocurrency exchanges are Cave Blockchain (caveblockchain.com), Bancar (bancarexchange.io), Cryptia (cryptiaexchange.com), Amberes Coin (amberescoin.com), Afx Trade (afx.trade), and Criptolago (criptolago.com.ve). The release also stated that some of the exchanges have multiple trading pairs but no volume, such as Cryptia Exchange.
The new release also has contrasting details to the previous release as the cryptocurrency is provided with a new white paper. The new white paper stated that the cryptocurrency is now backed by 50% oil, 20% gold, 20% iron and 10% diamond. The previous noted that the cryptocurrency would be backed 100% by the oil reserve of the country.
The cryptocurrency had been previously announced to be launched for use in August, but no trace of its use was noted neither was there any official use, though the president, Nicholas Maduro made a press release on the launch.
Early this month another information got circulated by the presidency that the cryptocurrency will be up for official use by November 5.
Petro Cryptocurrency and Setbacks
The national cryptocurrency project of Venezuela was introduced by president Nicholas Maduro to combat the effect of hyperinflation and economic sanctions on the country.
The raging economic situation of the country had caused the massive exodus of Venezuelans to neighboring South American countries to escape the biting economic conditions.
Meanwhile, the economic situation like its happening in Turkey and other countries who are experiencing inflation had driven the populace to the massive adoption and use of cryptocurrency. The adoption of the Petro has been condemned by the IMF and was also described by crypto experts and economists as a failure from the start.
Also, the president of the United States had sanctioned the digital currency, and the U.S. Senate also started a movement for legislation that will outlaw the cryptocurrency.
The recent news of listing on six cryptocurrency exchanges might be positive news for the directionless cryptocurrency. However, the success or outright failure will be proven in coming days.