Venezuela launches the Petro for commercial exchange

On Monday, October 1st, Venezuelan President Nicolás Maduro announced on national television the official launch of Petro Cryptocurrency for commercial exchange, payment of services, sale of real estate, investment and economic development

Since Monday, October 1st, Venezuela’s national cryptocurrency Petro constitutes an asset of commercial exchange, investment, electronic purchase and sale. This was officially announced by the president of the Latin American nation, Nicolás Maduro, on national television through the media.

The announcement was made in the presence of ministers, technology experts, businessmen, representatives of the banking sector and the Armed Forces, as well as the president of the National Superintendence of Cryptoactives and Related Activities, Sunacrip.

Maduro emphasized that the Petro has the support of Venezuelan professionals who dedicated their efforts to the creation of the National Blockchain. He stressed that it is the only internationally recognized asset, convertible for trade with other countries and backed by oil. For transactions, Venezuelans will have six authorized exchange offices.

During his speech, Nicolás Maduro indicated that from this October 1st started a two-month period of consolidation in two stages. The first corresponds to the register of those interested in the portal to obtain their electronic wallet in addition to the corresponding application in their smart devices. The second stage corresponds to the start of commercial transactions with the electronic currency.

On November 5th will start the national plan for the sale of Petro to all citizens, who will be able to purchase items of their preference with it, pay air tickets, airport taxes, hotel services and real estate. Exchanges will be available in petro, dollars and other fiat currencies, other cryptocurrencies or Bolívar Soberano.

“Now Venezuelans can acquire Petros to save through a Petro certificate. Whoever wishes, can support their money with their cryptocurrency, to save, for international expenses,” said Maduro.

During the event, the president also signed the document of the Constitutional Law of the National System of Criptoactives, which will be submitted to the National Constituent Assembly. This law will establish the regulatory framework that guarantees the security and stability of the crypto ecosystem in the country. Another announcement related to cryptocurrencies is the realization on October 29th of a meeting with national and international experts on blockchain and cryptocurrencies, mining and associated technologies, to share successful experiences.


With information from agencies

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