You Can Only Trade Venezuelan Petro to Crypto If Bought In 2018
TeleSUR TV, a media outlet in Venezuela has reported that the country’s ‘cryptocurrency’ called the Petro can only be traded to other crypto assets if bought before the end of 2018. It simply means that if you want to Trade Venezuelan Petro to Crypto, then buy it before this year ends.
Jill Carlson, Former Wall Street bond trader and digital asset analyst translated the speech of President Nicolas Maduro of Venezuela which read:
“Anyone who buys the Petro until Dec 31 will be able to convert it into any other digital currency.”
Venezuela experienced hyperinflation that made the bolivar, the national currency of the country, to become worthless.
Starting from early 2018, it has become almost impossible for citizens and residents in the country to purchase basic necessities such as food and medicine with the bolivar.
A report in August from BBC read: “A 2.4kg chicken has been costing 14,600,000 bolivars (equivalent to $2.22, or £1.74) in the capital, Caracas. Last Thursday, a toilet roll cost 2,600,000 bolivars. And a kilogram of meat cost 9,500,000 bolivars,”
In an effort to bring back the falling bolivar and the country’s economy, the government of Venezuela developed and released the Venezuelan Petro, a “cryptocurrency” that is supposed to represent the country’s oil reserves and operate as the new national currency in the country.