Venezuelan President Nicolás Maduro announced the end of the pre-sale for the Petro, the country’s state-backed cryptocurrency, claiming the offering raised the equivalent of more than $3 billion. At the same time, Maduro also certified 16 digital currency exchange platforms. The move underscores the government’s intention to promote cryptocurrencies within and beyond Venezuela.
Watch the announcement by President Maduro in this English-language video:
https://www.youtube.com/watch?v=gyC1wDegJhk
A major step for the cryptocurrency landscape
According to Venezuelan newspaper Correo del Orinoco, Maduro authorized certification for 16 crypto-exchange companies, a measure designed to facilitate Petro transactions on international markets. The president says certifying these platforms will help expand the Petro’s reach abroad. The announcement follows recent Venezuelan actions regulating and restricting certain crypto exchange activities.
The 16 certified virtual currency exchanges include Criptoactivo Criptoes, Inversiones Financieras 1444, Criptomondu Casa Intercambio, Criptoactivo Bancar, Criptoactivo Menets, Criptoventraige, Criptolago, Critiaechainge, Coinsecure, Valoratta Casa del Bolsa, Cave Blockhainge, Italcambio, Amberes Coin, Asesoria Financiaera, Criptocapital and Criptoexchainge. No public confirmation has been issued regarding whether the Petro will be integrated into any specific platform.
Coinsecure’s response to the announcement
Indian exchange Coinsecure appears on the list of entities certified by Venezuela. Coinsecure CEO Mohit Kalra said Venezuela had approached the company about listing the Petro as a digital currency on Coinsecure to enable trading against Bitcoin. According to Kalra, Venezuelan officials offered the company a 30% discount on oil purchases if it used the Petro.
Maduro announced on Thursday the official close of the Petro pre-sale, which he said raised roughly $3.338 billion. He added that $1 billion of that total would be injected into the national economy via the Petro and reiterated his commitment to promote the country’s new cryptocurrency going forward.