Petro Coin Venezuela – How This Venezuelan Crypto Works

Petro Coin Venezuela – How This Venezuelan Crypto Works

Venezuela’s cryptocurrenny which is called the Petro has arrived the cryptomarket supported by the nation’s oil reserves. The digital currency often called Petro Coin Venezuela is one of the most innovative parts of the Economic Recovery Program.

President Nicolas Maduro during a televised address, referring to the country’s gold, diamond, iron, and aluminum said “The Petro, unlike other digital currencies, doesn’t need to be mined because it already has a value, it is shielded with Venezuelan oil and mining wealth,”

According to President Maduro, Petro is intended to supplement the Venezuelan bolívar fuerte (VEF) currency. Venezuela has been under U.S. government-led sanctions that make moving money through international banks difficult. President Maduro believes a government-backed cryptocurrency will allow the Venezuelan government to regain control over its finances and help overcome U.S. sanctions.

The Bolivarian head of state says the Petro is already present in the world’s six topmost international exchange platforms and will now be accepted at a national level.

“All Venezuelans will have access to the Petro and through it to make international purchases,” the president said, adding that Petro coins are now a legal substitute to dollars in real estate deals as well as paying for goods such as airline tickets.

Maduro said: “The National Plan of Criptoactives of Venezuela, will last 10 years. This is going to be the epicenter of the development of a new economy in the country,”

The Petro currency also referred to by some people as Petro Coin Venezuela will act as a form of legal tender that can be used to pay fees, taxes and other public needs. Each Petro will be backed by a barrel of oil and will be sold at the same price, according to the government.

Petro tokens could be exchanged through virtual exchange houses. Soon, there will also be many merchants providing goods and services, where you can go with your Petro and exchange it for a product or service.

Carlos Vargas, Venezuelan Cryptocurrency Superintendent said Venezuela would pay for imports from Brazil using the Petro cryptocurrency. Also some Brazilian companies have agreed to sell food in Venezuela in exchange for Petros and this started on on February 20, 2018.

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