Home / Cryptocurrency / Venezuela officially launches the controversial sale of Petro Coin for Fiat, Crypto

Venezuela officially launches the controversial sale of Petro Coin for Fiat, Crypto

The controversial cryptocurrency of Venezuela, Petro, is now available for purchase for fiat and crypto, department of Venezuelan economy announced on Twitter Monday, October 29th.

According to an infographic included in the tweet, Petro can now be purchased directly from the country's treasury through the official currency website or from six cryptographic exchanges authorized by the government. The currency issued by the state can be purchased for fiat, specified in the chart as yuan, euro and US dollars, or for certain cryptocurrencies, by legal entities and individuals who have registered and passed a validation process on the official website of the currency.

According to the Petro official chirping, which was evidently suspended at the time of printing, the currency can be purchased with Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Dash (DASH). However, the National Cryptocurrency Association reports that Petro is currently available only for BTC and LTC, between cryptocurrencies.

The government has also commissioned a superintendent of cryptoassets and related activities, Joselit Ramirez, who reportedly is responsible for managing Petro's customer service problems.

The six cryptographic exchanges – Bancar, Afx Trade, Cave Blockchain, Amberes Coin, Cryptia and Criptolago – have been authorized by the Venezuelan government to exchange the currency as of October 16th. At the time of printing, none of the exchanges are listed in the first 100 cryptographic exchanges on CoinMarketCap.

At the beginning of this month, Venezuelan President Nicolas Maduro announced that the official date for the public sale of Petro would be November 5 – almost eleven months after having mentioned for the first time the possibility of cryptocurrency supported by the state.

At the time, Maduro revealed that Petro would be traded on six authorized cryptographic exchanges, although he had abstained from naming them. In addition, the Petro wallet was launched on the same day on Google Play, but has since been deleted.

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