The Government of Venezuela confirmed the official launch of Petro coin with an updated whitepaper and the public sale of this state-backed crypto will begin from the 5th November 2018. Earlier, Petro was backed by Oil, and according to the latest update, now the coin is backed by other natural resources like Aluminium, Gold, Diamonds and Iron.
The state-backed crypto will be available on 6 international exchanges and people can buy it with Bitcoin, Ethereum, and FIAT like USD or EUR. The Petro wallet is only available for Android users at the moment and there is no news about wallet for iPhone users.
Besides announcing that Venezuelans can now use the Petro to pay for goods and services such as accommodation, airline tickets, and real estate, Maduro also declared during his TV address that all Venezuelan oil will be sold in the state-backed cryptocurrency. This will offer the sanctions-hit country a way to circumvent the restrictions and possibly allow other foreign countries, organizations, and individuals transact with Venezuela without fear of reprisals.
The launch of Petro comes after the economic crisis in Venezuela got worsen despite the government devaluing the country’s FIAt currency Bolivar. Most of the Citizens in Venezuela already started adopting different cryptocurrencies this year.