El Petro will be available for fiat, but who needs it?

  •    Venezuelan Economy Department published infographic explaining how to buy Petro
  •    The coin will be available via the dedicated website and six authorized exchanges.

The only state-owned cryptocurrency Petro, issued by Venezuela, can be purchased for fiat money, according to the official announcement made by Venezuelan Economy Department on Twitter. 

The infographic attached to the post, explains that Venezuelan citizens can purchase Petro for yuan, Euro, USD and a number of digital currencies like BTC, LTC, ETH, and DASH, directly from the Treasury or via six cryptocurrency exchanges authorized by the government. 

To buy coins, companies and individuals should follow the registration procedure and validate their identities on the official website of Petro. 

This announcement contradicts the information obtained from the National Cryptocurrency Association. It states that the coin is available only for BTC and LTC. However, contradictions are quite natural for Petro, which is controversial by its nature. 

The government appointed Joselit Ramirez to the post of a superintendent of crypto assets and related activities. He will be responsible for sorting out customer issues that might arise in relation to Petro. 

Currently, there are six cryptocurrency exchanges authorized by Venezuelan government - Bancar, Afx Trade, Cave Blockchain, Amberes Coin, Cryptia, and Criptolago. 

Meanwhile, earlier this month Nicolas Maduro announced that the oil-backed coin will be available for public sale on November 5.




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