Venezuela Won't Accept Bolivar in El Petro Sales

January 24, 2018

Venezuela Won't Accept Bolivar in El Petro Sales

Venezuela is preparing for the pre-sale of the national cryptocurrency El Petro, however, investors will have one restriction: they will not be able to buy tokens with the national fiat currency, bolívar, as it is currently is a state of hyperinflation.

President of Venezuela Nicolás Maduro hopes that El Petro will allow the country to profit on the success of crypto phenomenon, while the bolívar is at its all time lows and there are no premises that the fall will stop.

El Petro was first announced in December 2017. Maduro assured that this cryptocurrency will be backed with country's oil reserves. He said at the moment that El Petro is being developed to help the country fight U.S. sanctions.

Carlos Vargas, the government’s cryptocurrency superintendent, gave more details about El Petro in a state television interview.

He said:

"The pre-sale and initial offer will be made in hard currencies and in cryptocurrencies. It is not going to be done in bolívars at this stage. <...> Our responsibility is to put [El Petro] in the best hands and then a secondary market will appear."

Vargas also said that the information about country's plans to encourage El Petro, which appeared in news outlets a week ago, is 'false'.

He also declared mining a legitimate activity and promised that the government will drop all charges against citizens that were arrested in previous years for mining.

El Petro is a very controversial topic in Venezuela. Opposition-run National Assembly of Venezuela earlier in January outlawed this cryptocurrency and called it unconstitutional. Also, the U.S. Treasury stated that for american citizens embracing with El Petro is a violation of a law.

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