Venezuela’s Controversial Petro Sale Starting November, Maduro Claims

Written by on 2 October 2018

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.

Maduro stated that the official website for the Petro has already been launched, and the official Petro wallet is also available in Google Play. However, the public sale will only start November 5.

Maduro also stressed that Petro will be available on six major crypto exchanges starting Monday, October 1. The Venezuelan president did not specify which ones will eventually trade oil-backed currency, nor was it listed by largest traders according to CoinMarketCap, such as Binance, OKEx and Huobi, at press time.

In addition, the Venezuelan president has stated that all the oil purchases in and out the country must now be paid with Petro. This stipulation also relates to international airlines whose routes lies through local airports, as fuel for aircrafts will also be sold for Petro.

Maduro repeated in his Oct. 1 speech that the state coin is backed by oil. Moreover, Petro’s brand new white paper states that the currency is backed 50 percent by oil, 20 percent by gold, 20 percent by iron, and 10 percent by diamond assets.

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