Venezuela’s Controversial Petro Sale Starting November, Maduro Claims

Venezuelan president Nicolas Maduro has appeared on national television to announce the official launch of the national cryptocurrency Petro, according to a brief summary of his speech posted on Venezuela’s government website Monday, October 1.
The active official websites on the Petro is already live, and the official wallet is also available on the internet and in mobile app markets. However, the public sale will only start on November 5.
The Petro should be exchanged on six main crypto markets starting October 1. The president did not specify which exchanges will gradually list it, nor was it described to be at largest exchanges, such as Huobi or Binance, at press time.
The president has stated that all oil purchases in and out the country must be paid with this cryptoasset. The norm also relates to international airlines whose routes also involve local airports, as fuel for the aircraft will also be sold in Petros.
Maduro repeated in his speech that the state coin is an asset-backed cryptocurrency. Moreover, it is necessary to distinguish the new white paper that states the currency is backed in 50 percent by oil, 20 percent by gold, 20 percent by iron, and 10 percent by diamonds.
However, all state measures required to restructure the cryptocurrency are useless, stated an expert in the Washington – based Centre for Strategic and International Studies. “It’s too late to save the Petro. There’s no confidence and it won’t be any”, Rendon said. The president recently made several significant declarations of the national oil-backed currency. Initially, the currency usage was going to start in August. Then he announced that the Petro would be the index for calculating salaries and payments. The national leader recently confirmed that it would enter international markets this October. Experts remain insecure about Petro. A report by Reuters published back in August claimed there was no sign of Petro existence in Venezuela, while American culture magazine Wired called the Venezuelan coin “a stunt” that aimed to cover up the government’s failure to recover the national fiat.

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