Venezuela has been in the news quite a lot this year from news about the country’s hyperinflation to its sanctions and back to its creation of a cryptocurrency ‘Petro’ to bypass the sanction. Now, the president of Venezuela, Nicholas Maduro has revealed that the country’s cryptocurrency ‘Petro’ has come to an end of its presale. The presale allegedly raised almost 3 billion dollars and a total of 16 crypto exchanges will begin to list the Petro, Maduro claimed.
16 cryptocurrencies exchange houses have been authorized with the certification to list and facilitate Petro transactions in the international market. During the inauguration of Venezuela Power Expo 2018 in Caracas, Maduro explained the reason beyond the certification,
The certification of these 16 exchanges is a demonstration of confidence in the system of the Petro, as a cryptocurrency, and will allow liquidity and solid transactional volume.
The exchanges that were certified are; “Criptoexchainge, Criptocapital, Asesoría Financiaera CA, Italcambio, Amberes Coin, Cave Blockchainge, Valoratta Casa de Bolsa, Coinsecure.ve, Critiaechainge, Criptolago, Criptoventraige CA, Criptoactivo Menets CA, Criptoactivo Bancar CA, Criptomundo Casa de Intercambio CA, Inversiones Financieras 1444 CA, and Criptoactivo Criptoes.”
Although, Venezuela had recently announced a major crackdown on crypto exchanges and remittance businesses which the government dubbed Operation Paper Hands. This new development of authorising exchanges on the listing the Petro is yet to elicit responses from most of the exchanges.
However, India based Coinsecure which was one of the exchanges certified by Venezuela states, “Venezuela wanted to add Petro as a cryptocurrency on Coinseure, so they can trade Petro against bitcoin and the rupee.” CEO Mohit Kalra also revealed that India was offered a 30% discount on crude oil purchases if India uses the Petro.
El Petro’s presale has gained a total of 3,338 million dollars Maduro considers this an ‘economic miracle.’ The president of Venezuela also revealed that the Petro has been able to raise the equivalent of 2.744 billion euros, 208.337 billion rubles, and 21.118 billion yuan. In a bid to resurrect the economy, Maduro says he will inject $1 billion into the economy obtained from the Petro.
Do you think Maduro’s strategy of authorizing exchanges to list the Petro will aid the Petro in driving international reach? Let us know your opinion in the comments section below.
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