Venezuela Authorizes Six Exchanges to Sell Petro

Nicolas Maduro, the Venezuelan president, has been bullish with Petro, state’s own cryptocurrency, since its arrival. His government has now allowed six exchanges to start selling the Venezuelan national cryptocurrency.

Maduro has also taken several steps to promote Petro. He ordered country banks to adopt the cryptocurrency and even announced Petro’s employment in global trade. To enhance the use of cryptocurrency which was built to tackle inflation and economic problems of the country, the Venezuelan government has authorized six websites, that are the six exchanges as stated by the government, to market and sell Petro.

Upon inquiry whether the country is going in the right direction by launching stablecoins pegged to fiat, Alan Silbert, executive managing director at INX, founder and CEO of BitPremier, expressed his thoughts on the matter to BlockPublisher. He said:

No, it’s silly. They are just creating government-controlled PayPal.

The six exchanges authorized by the Venezuelan government include Cave Blockchain, Bancar, Cryptia, Amberes Coin, Afx Trade, and Criptolago. Some of these exchanges have already been advertising Petro.

At the moment, Cryptia is supporting a few cryptocurrencies that include bitcoin, ethereum, ripple, and dash. The exchange’s website has been advertising Petro and offering its user to exchange Petro against bitcoin, ethereum or U.S dollars.

Besides Cryptia, Amberes Coin has also been advertising Petro on its website. However, Amberes Coin claims that it is authorized by the Venezuelan government itself for handling the purchase and sale of cryptocurrencies such as Petro, ether, bitcoin etc.

Afx Trade, located in Venezuela, is also operating with cryptocurrencies like the other two exchanges. It is looking after the purchase and sale processes of digital assets in the country and outside it as well.

In the past, Nicolas Maduro announced that he passed authorization certificates to 16 exchanges for operating the sales and purchase of Petro. National Superintendency of Criptoassets and Related Activities (Sunacrip) is the body that regulates cryptocurrencies and crypto associated dealings in Venezuela. One of the Sunacrip’s department Intendence of Digital Mining supervises data mining in the country and also provides licenses to the mining companies.

Besides the claims made by Maduro earlier this year, until now, only six exchanges have been authorized to deal with the nation’s cryptocurrency, Petro.

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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