Venezuela Seeks To Auction 'State-Backed' Crypto-Currency - MnTrendsNews


Wednesday, 7 March 2018

Venezuela Seeks To Auction 'State-Backed' Crypto-Currency

Venezuela has chosen a platform to auction its oil-backed cryptocurrency ; Petro. While the country's National Assembly has continously pronounced that the currency is illegal, the government has gone ahead with auctioning the crypto on the country's official foreign exchange platform.


  • The Country's Vice-President announced on Tuesday during the National Council for Productive Economy’s meeting held at the White Palace in Caracas that:Venezuelan cryptocurrency ‘el petro’ will be auctioned through the Complementary Floating Market Exchange Rate System (Dicom) for the development of the Bolivarian Economic Agenda (AEB).
  • The Venezuelan Dicom System allows for the sale and purchase of foreign currency in exchange for local currency.
  • Aissami, the Vice-President also reaffirmed that the sale phase of the new currency will conclude on March 20 when buyers will receive “a special discount”.
  • He also said that the auction of the new currency will facilitate the national productive sector so that they can buy and sell raw materials, capital goods and pay for services.
  • He also expressed optimism that the new currency will eventually be more powerful than the USD.
  • The National Assembly has continually reiterated that the Petro is illegal and that oil fields are national goods and not for collaterals.
  • Some, in some quarters have said that the Petro is not a cryptocurrency but a means to steal oil money from Venezuelans.
What do you think about the Petro being auctioned using the Dicom system?

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