Venezuela Officially Launches Sale of Petro coin for Fiat and Crypto
Introduction of Petro Coin:
Venezuela which is officially termed as Bolivarian Republic of Venezuela is known to be a federal state located in north side of South America. The economy of this country is based on production and trade of oil. In the field of digital currencies, it was confirmed that Venezuela was first country who able to issue its own crypto coin. Value of this coin is specifically based on natural oil reserves. This coin was issued and introduced in order to improve the company’s economic level and also its financial stability. It was also issued in contrast with the parliament’s issue. During the first day of ICO launch national currency of Venezuela named Petro officially termed as EI Petro have accumulated about 735 million which is really a big deal. In contrast with presence of all crypto benefits in Petro, still its future is unpredictable. As some countries like US have already banned all kind of use on Petro.
In 2017, Nicolaus Maduro officially announced the use and introduction of official Venezuela’s cryptocurrency named as Petro. According to them the mean of this digital currency named Petro is to provide a way in which they become financially independent as well as solves all economic problems of the Republic. EI Petro currency is specifically depends on the value of gold, oil and diamonds. Another currency like Bitcoin and other altcoin are very popular in Venezuela as it is highly used by citizens which will protect themselves from the attack of hyperinflation. If you would like to read more about Petro Coin visit this article.
Descriptive use of Petro coin:
It was reported by infographic that were specifically shown in a tweet that from now Petro coin will be directly purchased from country’s treasury of Venezuela or can also get from office site of Petro. They further suggested that there is six kind of crypto exchange happened which is commonly authorised by the government of Venezuela. The coins issued by state will be converted into or purchased from fiat. They are specifically graphic listed as yuan, Euro and U.S dollars for certain cryptocurrency. This is also done by legal entities and individuals who show their interest for doing registrations and passed an official validation process on the account of this website. If you would like to read more about Venezuela launches Petro coin visit this article.
Petro can be exchange, How?
Official team of Petro and government of Venezuela are describing in press for the clearance of the image as provided by Petro’s team. According to them, the Petro coin can be exchange or purchased with:
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Dash (DASH)
However, some reports about National Cryptocurrency Association reveals that the exchange of Petro is only available on BTC and LTC, which presents the importance of all cryptocurrencies. The main authorities of government also signed a superintendent of different kinds of crypto assets and its related activities. Joselit Ramirez was confirmed responsible for handling Petro’s services issues by the customers of cryptocurrency.
Matter of Six crypto exchanges:
On October 16, 2018, the six crypto exchanges authorised by Venezuela government in order to make the process of trading Petro coin fast. On the account of CoinMarketCap, different kinds of exchanges are not listed up to 100 crypto exchanges are listed on the site in detail. CoinMarketCap is considered to be such kind of website in which 100 different levels of cryptocurrencies are listed and their exchange depends on their volume.
On 2018, government authorities of Venezuela controls six exchange houses who tends to do market with Petro. Now Petro is going to make an interaction with six international exchange houses. These are most powerful exchange houses in the whole universe. Later reports confirmed that Petro is also added in the list of certified companies that is directly linked with market to run system of digital currency.
From this month to onwards, Nicolas Maduro the president of Venezuela announced that Official date of introducing Petro towards public sale will be updated soon. So, after the teams and members of this team decided to establish this cryptocurrency on Nov 5. This is possible date that announced after eleven months when its founder gave hint about the possibility of stake back currency. This seems to be very encouraging momentum for the general public whose business depends on Petro coin. If you would like to read more about Venezuela public sale visit this article.
Blocking of Petro;
On Oct 15, the vice president of economic area announced that Google is going to block the wallets and those wallets are handles to trade with Petro. One restriction should keep in mind while doing business with petro that All the users of this cryptocurrency will only proceed this trade as if the have internet as well as asses on the page of petro. From Monday to onwards, first delivery of petro and certificate of petro buyers will took place. Buyers of petro signed a contract in which the production of this cryptocurrency will exceed 500 million dollars in first week.
On that time, when Maduro suggest the trade of petro among six authorized crypto exchanges the system of that company ready to get refrained for giving them name. Petro wallet was uploaded as app on google play, later it was deleted due to some reasons.
Claims of Maduro are;
- On Dec 4, 2018 he introduced oil backed coin for the first time.
- On January 15, he asked 10 countries to support Petro.
- On February 22, he hints the creation of second state coin.
- On May 4, he was responsible for launching crypto funded.
- On July 26, he ties petro toward national fiat, whose announcement will come into August.
- On Oct 1, he officially announced the petro sale from November 4.
This is really an interesting topic to discuss on and use the aspects of Petro as well.