Between its economic meltdown, Venezuela launched a national cryptocurrency, Petro, in an effort to save the nation from crumbling down. While Petro wasn’t greeted very warmly, it has managed to get listed in six cryptocurrency exchanges, that are authorized by the Venezuelan government.
According to the local media report, six websites that are claimed to be cryptocurrency exchanges by the government will handle the marketing and selling of Petro. Local news outlet Noticiero Digital writes:
“The petro will be available from this Wednesday, October 17, at six exchanges, although President Maduro announced previously that there would be 16 certified companies that could market the digital currency.”
The six exchanges are – Bancar (bancarexchange.io), Afx Trade (afx.trade), Cave Blockchain (caveblockchain.com), Amberes Coin (amberescoin.com), Cryptia (cryptiaexchange.com), and Criptolago (criptolago.com.ve). Most of them have already advertised the token on their platform.
Nicolas Maduro, the Venezuelan president stated in a speech given earlier this month, that the oil-backed cryptocurrency will be listed at six of the most powerful exchanges in the world. Notably, the stats on the mentioned websites tell a different story. For instance, the Cryptia website lists ETH, XRP, and Dash to be traded against Bitcoin, but have zero trading volumes. The section the website, that is written in Spanish says:
“ Access the cryptocurrency [petro] in bolivares and exchange them for bitcoin, ethereum or American dollars.”
Another website, Amberes Coin describes itself as a state government authorized crypto exchange for purchase and sale of Petro, BTC, ETH and any other digital asset that is permitted by the country’s regulator. Afx Trade claims to be a crypto exchange that supports buying, selling and safeguarding virtual assets inside and outside the national territory.
Petro somehow keeps piling up troubles, it seems like it is a trouble-backed stable coin more than the so-claimed oil backed token. Its whitepaper released by the Maduro’s government at the start of this month allegedly plagiarizes some parts from Dash’s whitepaper. A little while before the whitepaper, a Reuters report suggested that the token has no users, no investors and no oil to back it up.