The Venezuelan government has authorized six cryptocurrency exchanges to market and sell Petro (PTR), the country’s new national cryptocurrency.
Petro can now be purchased at the following six exchanges: Cave Blockchain (caveblockchain.com), Bancar (bancarexchange.io), Cryptia (cryptiaexchange.com), Amberes Coin (amberescoin.com), Afx Trade (afx.trade), and Criptolago (criptolago.com.ve). Few of these exchanges have already started advertising Petro on their websites.
Earlier this month, Venezuela’s President Nicolas Maduro had claimed that Petro would be available at “the six most powerful [exchanges] in the world.” The government had also issued a new whitepaper for Petro. It stated that Petro would be using Dash’s X11 mining algorithm for Proof of Work, as well as a staked master node system for Proof of Stake verification. The hybrid system will employ four-megabyte blocks and a one-minute block interval.
Furthermore, the new whitepaper detailed that Petro will no longer be backed fully by a barrel of oil. Instead, it will be backed by 50 percent oil, 20 percent gold, 20 percent iron, and 10 percent diamond.
Earlier in September while announcing the launch of Petro, during a speech on the latest economic issues in Venezuela, Maduro emphasized that the token was created to solve the problem of chronic inflation in the country and to help stabilize the economy. The Petro, therefore, will be used for international commercial transactions from October, he had stated.
Maduro claimed, “Petro is already present in the world’s six topmost international exchange houses and will now be accepted at a national level… All Venezuelans will have access to Petro and through it to make international purchases… Petro coins are now a legal substitute to dollars in real estate deals as well as paying for goods such as airline tickets, hotels and the like.”
Venezuela had earlier also introduced crypto-pegged denominated Bolivar.
With Petro becoming available to the Venezuelan population, the government is hoping that Petro will usher in a more balanced and fairer international financial system, and thereby augment Venezuela’s economic stability and financial independence.