Petro, Venezuela’s State Crypto’s Public Sale Date Is Out

By Sumedha Bose

Post Petro’s official launch, the date on which its public sale is scheduled to commence is finally  out. It is supposed to start from 5th November onwards.

The Venezuelan president, Nicolas Maduro, had announced on television, 5th November, as the date of the official public sale of Petro. He said,

“If you have bitcoins you can buy Petros, if you have Ethereum you can buy Petros, if you have dollars or euros you can buy Petros. And from November 5, the Petro … will go on sale to the Venezuelan public in sovereign bolivars,”

What is convenient here is that Petro can be acquired via other popular digital assets or even traditional currencies. According to the widely televised speech that he gave, a total of six international exchanges will offer the national crypto on sale.

In a majorly upsetting news for iOS users, the cryptowallet for Petro is currently only available  for Android devices. No announcement has been made regarding any intentions to launch it for iPhone or iPad. The Venezuelan Government has also published a new white paper for petro, which is presently up on a website set up by the government itself.

The white paper details the far and wide backing that Petro currently enjoys. Not only is it backed by ludicrous oil reserves in the South American country, but it also receives backing from natural resources like diamonds, gold, aluminum and iron.

With the country’s national currency Bolivar being devalued, Petro is being seen as a tool that can relieve the hyperinflation in the country and bring some much needed prosperity. Wilmar Castro Soteldo, the country’s agricultural minister said,

“[The Petro] is an opportunity for all global operators of cryptocurrencies and crypto assets to carry out transactions in the country without fear of persecution, because I believe it is an important instrument of liberation,”

Petro has been made a nation wide accepted currency that can be used to pay for accommodation, airline tickets, real estate and even Venezuelan oil. The country is struggling with sanctions imposed against it and this can help circumvent the bans and open trading opportunities with foreign countries.