The Vice President of Venezuela, Tareck El Aissami, announced February 6th that the cryptocurrency Petro will be available through the exchange rate system Dicom from March 20th. The objective of the measure is to boost the economic development of Venezuela.
During the press conference, the public officer explained that the regulation will make operations of purchase and sale of raw materials and goods, service payments and technological development easier for productive sectors. He also announced that banks will be able to register Petros as part of its patrimony. Consequently, the financial system will stabilize and processes such as imports substitution and reindustrialization will be enhanced.
El Aissami added that Petro “will acquire a real non-speculative value. This cryptocurrency will be born with extraordinary strength. The Petro is the opportunity to turn Venezuela into a world economic power.”
According to Venezuelan President Nicolás Maduro, the Petro has already received 186,306 purchase orders since it was launched February 20th, equivalent to US$ 3,000 million. The president explained that 41% corresponds to dollars, 6.5% to euros, 0.4% to yuan and the rest to other digital currencies such as Bitcoin and Etherium. “We are the main characters of the first hours of a new economy based on the Petro. Venezuela is the only country that officially recognizes its cryptocurrency. We are ahead of the future”, said Maduro.