Maduro Affirms Venezuela’s National Cryptocurrency Petro Sale to Start In November

Maduro Affirms that Venezuela’s Controversial Petro Sale Will Start In November

Nicolas Maduro, the president of Venezuela, has recently gone to national television to announce the official launch of the Petro, the national oil-backed state crypto of Venezuela. According to Maduro’s speech, the launch will happen on November 5. The president has also affirmed that the official site for the Petro has been launched and that the Petro Wallet is already available for download on Google Play.

One important claim of the president is that the Petro will be available for exchange on six major exchanges at the release. However, he did not specify in which ones it would be for sale and the oil-backed currency was not listed by any large traders, according to CoinMarketCap. Therefore, these claims should be taken with a grain of salt.

Another development is that now all the oil purchases in and out of the country will have to be paid with Petro. This related even to international airlines that will use Venezuela as a route and need fuel for their planes.

The Controversial Petro

According to the president of the country, the Petro will be 50% backed by oil of the country, 20% by gold, 20% by iron and 10% by diamond assets. However, some institutions like the Washington-based Center for Strategic and International Studies believe that it may be too late to save the Petro because it will simply not get any confidence.

Most of the world does not like the president of Venezuela very much and the economy of the country is in shambles. Therefore, when he announced that the currency would start circulating in August and now rescheduled the launch, the trust in this asset is decreasing fast.

Some other claims of the president include the fact that the Petro would be used to pay salaries and goods because people struggled with hyperinflation, has hinted the creation of the Petro Oro back in February and more.

The result is that some people are even doubting that the Petro even exist. Despite the claims of the government, many traders simply affirm that the Petro does not exist and that it is only a stunt to cover the failures of the government. In any case, we will discover all about Petro in November… or not, in case the launch is delayed once more.

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