Cryptocurrency

01/11/18 05:27 UTC-4

Venezuelan controversy: Petro is now for sale

Venezuelan controversy: Petro is for sale
Venezuelan controversy: Petro is for sale

After several months of discussions regarding the status of the advertised Petro Cryptocurrency project, the Venezuelan government announced that Petro is now available for sale and can be bought with Bitcoin and litecoin.

On October 29, Tarek El Aissa, Vice President for Economic Affairs of Venezuela, posted a message on his Twitter feed: "Petro can be purchased by legal entities and individuals from the web http://www.petro.gob.ve".

Twitter, Tarek El Assa, October 29, 5:28

It should be recalled that before this announcement continued a long confusion about the “official status” of the Petro cryptocurrency. At the beginning of its existence, the crypto-asset was introduced by the President of Venezuela, Nicolas Maduro, as a “magic pill for the elimination of economic shocks in the country”. But for a long time, there was no economic activity from Petro, and the Venezuelans still preferred Bitcoin. It can be noted that the authorities did not stop trying to “advertise” the national cryptocurrency: bank orders for the use and collection of a passport in Petro.

Based on the enormous oil potential of Venezuela (mainly in the remote region of Atapirira), the cryptocurrency was created by the Venezuelan authorities as a means to circumvent US economic sanctions. Petro opened the way to monetize the country's main export product to the global investor market without the need to use the US Dollar.

According to the information that was posted on the official website of Petro, the currency is now available for sale to buyers using Bitcoin and litecoin. It is worth recalling that, according to Nicolas Maduro, initially for ICOICO
(Initial Coin Offerings) is an acronym, which means a primary currency offer. Details
Petro attracted $ 5 billion in investment.

Editor: Yuliya Soroka

See also: "Benedict Evans: "Failure from cryptocurrencies is resembling to failure from Internet""

#Petro #Bitcoin #BTC #litecoin #cryptocurrency

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