Citizens will be able to buy the cryptocurrency Petro using the Venezuelan currency, the Sovereign Bolivar, as of Monday, November 5th. This alternative comes into effect after the Petro became available to the public using foreign currencies, such as the euro and the yuan, and other digital currencies, like Bitcoin and Ethereum, October 29th. The Savings Plans in Petros will also be released on that day.
The head of the Superintendence of Cryptocurrencies, Joselit Ramírez, is confident that the Petro will be successful in evading the financial sanctions imposed by Donald Trump’s administration and the promotion of digital means of payment. Furthermore, as it is partially backed by Venezuela’s oil reserves, which are the largest in the world, the country will not run out of Petros. Hence, the government hopes to reduce the hyperinflation that affects the Venezuelan economy.
The measures are framed within the Recovery, Growth and Economic Prosperity Plan. The program, promoted by Venezuelan President Nicolás Maduro, seeks to solve the serious economic crisis that the South American nation is undergoing. Other important measures in recent weeks are the substitution of the euro for the dollar in exchange operations and changes in the composition of the Petro’s value.