Venezuelan Backed Cryptocurrency Officially on Sale

The Petro coin is finally on sale after months of controversy from the government-backed cryptocurrency. However, investors are currently watching the reaction of the markets after this landmark announcement.

After months of speculations, Venezuela’s government has given its stand regarding the much-publicized Petro cryptocurrency project. The government announced that the Petro is available to the public for sale using Litecoin and Bitcoin.

A tweet posted on October 29 from the official handle of Tareck El Aissami, the Venezuelan Vice President of the Economy reads,

Uncertainty regarding the Venezuelan Petro

Before this recent announcement, there had been an elongated period of confusion concerning the position of the Petro, which according to President Nicolas Maduro was the magic pill to solve the ongoing economic turmoil in Venezuela. Venezuelan authorities because of its vast untapped oil reserves in the remote Atapirire region advertised the digital currency as a means of evading deliberate sanctions from the United State by monetizing its main export product to investors in a global market without using the US Dollar.

Recent reports in September indicated a visit to remote and urban areas of the country showed no proof of Petro-denominated economic activity. However, most people are confused about the whereabouts of the government-backed cryptocurrency as outsiders are.

In October, the continued absence of the Petro cryptocurrency witnessed the volume of Bitcoin trading in the country recorded an unprecedented height as many of its citizens escape the deadliest effect of its country’s hyperinflation by becoming the most high-volume Bitcoin traders in the world compared to its population.

The current administration has initiated various means in encouraging the use of the Petro crypto coin including compelling banks to accept and use cryptocurrency. The government further encouraged the use of the Petro coin for passports.

Premature announcement of Petro Sales

The announcement of the availability of the Petro coin was initially scheduled on November 5, however, this recent announcement comes as a mild surprise to many. Whether this recent announcement of declaring the Petro available should be taken seriously is one that many will be on the lookout considering the low levels of trust and clarity in governments’ projects and pronouncements.

Tweets from the official Petro website indicated the availability of the Petro coin for sellers and buyers. The coin can be traded using Litecoin and Bitcoin. The Petro’s block explorer boosted of having 304 blocks with 41 connections at a press release. In spite of the current controversy and speculations surrounding the ICO, it remains unseen as to how the market will react with the latest development from the Venezuelan authorities. During the ICO, the president claimed it was successful and raised approximately $5 billion. For now, many investors are still watching how the market reacts.

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