Nicolás Maduro, the President of Venezuela, said that during the first presale of Petro, the national cryptocurrency of Venezuela, 3.338 billion dollars were raised. He also announced that all the payments in the export and import system of this Latin American country could be executed with Petro from now on.
The announcement was made during the inauguration of the event called ExpoVenezuela Potencia 2018. The event is organized by the Cabinet of Ministers of Venezuela and its goal is to allow numerous companies, businessmen and producers, both public and private, to present their initiatives to international investors, with Petro being the center of attention.
Maduro explained that, thanks to this measure, the purchase and sale of gasoline to national and international airline companies could be conducted with cryptocurrencies. He also informed that 16 cryptocurrencies were going to be certified by the state: Crypto Exchange, Cripto Capital, Asesoría Financiera C.A., Italcambio, Amberes Coin, Cave Blockchain, Valorata Casa de Bolsa, Coinsecure.ve, Critio Exchange, CriptoLago, Criptoven Trade C.A., Criptoactivos Menex C.A., Criptoactivos Bancar C.A., Criptomundo Casa de Intercambio C.A., Inversiones Financieras 1444 C.A. and Criptoactivo Criptoex.
Besides the aforementioned cryptocurrency exchange platform, the government will also allow the operation of the cryptocurrency mining farms in the country. President Maduro announced the creation of an investment fund worth 510 million dollars in petros. This fund will be used to offer credits in the Venezuelan national cryptocurrency to businessmen interested in investing in the Latin American country.
He also pointed out the launch of a new financial instrument called Petro Oro, which will be emitted physically using a card that could be exchanged for cryptocurrencies or Venezuelan bolivars. The goal of all these measures, according to president Maduro is to strengthen the virtual currency ecosystem in the country and stabilizes the national economy through Petro.
In the following days, new measures related to the cryptocurrency sector will be announced, the president said. He said he was in the middle of discussion with the Central bank of Venezuela together with the Superintendency for cryptocurrencies and related activities and the cryptocurrencies treasury.
Such decisions of the Venezuelan government seem to indicate a greater control of the cryptocurrency market in the country by the government. These measures are taken after the National Assembly approved a Decree on Cryptoassets and the Cryptocurrency El Petro at the beginning of this month. This document established the legal base for the launch of the Venezuelan national cryptocurrency and regulates the use of cryptocurrencies on the territory of Venezuela. Carlos Vargas, the Superintendent for cryptocurrencies in Venezuela said: “We are making history with the approval of the Decree on Cryptoassets and the Cryptocurrency El Petro. Nothing can stop the impulse of our country.”
Petro generated a lot of controversy from the start, especially abroad. In the middle of March this year, the government of the United States of America signed a decree in which it prohibited its citizens and companies that operate in the country to be involved in the trade of the Venezuelan national cryptocurrency. This decree forms part of the economic sanctions imposed on Venezuela by the United States.
Immediately after this measure from published, various representatives of the Venezuelan government assured that the Petro project would continue and the only affected people would be the citizens of the United States of America.
