Venezuela launches public sale of new national crypto, the Petro

31 Oct, 2018
by David Robb
Venezuela launches public sale of new national crypto, the Petro

After many months of speculation, amidst escalating inflation rates devaluing its national currency the Bolivar, Venezuela has finally launched its new cryptocurrency for public sale. The Petro is now available to trade with fiat currencies as well as other cryptos.

The Venezuelan public can purchase the Petro directly from the Superintendency of Cryptoassets and Related Activities (Sunacrip). It's also available on a number of crypto exchanges. The token is now backed by gold and iron reserves, as well as the country's oil supply.

In an effort to strengthen ties with China, representatives from the country invested in the Petro at launch. According to Vice President Delcy Rodríguez, "The delegation from the China Development Research Center attended the initial sale of el petro cryptocurrency and as a sign of confidence several of its members bought the Venezuelan digital currency".

Read more: Venezuela’s inflation to hit 1.37M% as Petro’s sale approaching, IMF predictsVenezuelans will have their bonuses paid in Petro despite no evidence it functions

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