Venezuelan Government Certifies 16 Crypto Exchanges for Petro Cryptocurrency Trading
The Venezuelan government has reportedly certified 16 cryptocurrency exchanges he hopes will start listing the controversial oil-backed digital currency, Petro.
According to Venezuelan newspaper Correo del Orinoco, Maduro has “authorized the certification of 16 exchange houses for cryptocurrencies,” which will facilitate Petro transactions in the international market.
Maduro was quoted saying during the inauguration of Venezuela Power Expo 2018 in Caracas:
“The certification of these 16 exchanges is a demonstration of confidence in the system of the Petro, as a cryptocurrency, and will allow liquidity and solid transactional volume.”
Among the 16 certified crypto exchanges is Coinsecure, an indian-based virtual currency exchange. CEO Mohit Kalra said that “Venezuela wanted to add Petro as a cryptocurrency on Coinseure, so they can trade Petro against bitcoin and the rupee,” according to a Business Standard report.
Venezuela has reportedly offered India a 30% discount on crude oil purchases if India uses the Petro, the news outlet added and quoted Kalra saying:
“The offer that they have given to the Indian government is: you buy Petro and we will give you a 30 percent discount.”
Maduro also proclaimed the end of the Petro cryptocurrency presale which he claims raised the equivalent of over 3 billion dollars.
“I have to report on the closing of El Petro’s first pre-sale. We closed with an amount of $3,338 million. An economic miracle. Boot The Petro!”
During his speech, Maduro held up a presentation showing that the Petro has raised the equivalent of 2.744 billion euros, 208.337 billion rubles, and 21.118 billion yuan. He also announced that he will deliver inject $1 billion into the economy obtained from the Petro.
Furthermore, the president promised that he will continue promoting the new currency. In addition to announcing that fuel will be sold to all national and international airlines for Petro, he declared that he has signed the paperwork “to create an Industrial and Economic Investment Fund in Petro and I have already contributed, for now 8.5 million Petro equivalent of $510 million for credit loans.”
The news follows the announcement of Venezuela’s major crackdown on crypto exchanges and remittance businesses dubbed Operation Paper Hands. The government alleged the platforms of incurring “a high and unreal exchange rate” for the national currency, Bolivar.
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