From this Monday, October 1, the Petro cryptocurrency begins a new stage as an international trade exchange currency, which will generate large balances, benefits and will be the basis for the expansion of investment.
The implementation of this new scheme based on our digital currency, is part of the Plan for Economic Recovery, Growth and Prosperity, promoted by President Nicolás Maduro, in order to stabilize the country’s economy.
The Petro is the first crypto-currency backed by oil wealth. This crypto-currency was created by the National Executive in December 2017, to combat the financial blockade, to attract investments and to be used as a payment instrument in the acquisition of goods and services.
That is why, in recent statements, the Head of State announced that, from the aforementioned date, the Petro was going to come into operation as a currency of commercial exchange for the international activities of the Republic: «On October 1st we launch the new stage of the Petro so that the whole Venezuela has access to Petro, in savings, investment, spending. The new stage starts to turn Petro into a power on an international scale», said the President in an activity in Caracas.
With this, the Bolivarian Government expands the population’s options for investment and savings, as well as the future economic and monetary independence of the country.
The creation of Petro was announced in December 2017 by the National Executive, as the first crypto-asset backed in oil reserves.
Since its inception, this currency that uses Blockchain technology for its dissemination and use, was proposed as a tool to advance towards new forms of international financing for the Republic.
Likewise, it was left open the possibility of this encrypted sign obtaining support in other natural resources such as gold, gas, diamond, among others.
From crypto-asset to account unit:
With the implementation of the Plan for Economic Recovery, Growth and Prosperity, the National Executive approved the use of Petro as an account unit of the republic.
The Bolivar Soverano (Sovereign Bolivar) and the new monetary cone, whose monetary expression reduced five zeros to the value of the old Bolívar Fuerte (Strong Bolivar), anchored to this crypto-asset whose price was set at Bs.S 3,600.
In addition, it was approved to anchor the prices of goods and services, as well as salaries of Venezuelan workers to this digital currency.
With this, the Bolivarian Government expands the options of the population for investment and savings, as well as the future economic and monetary independence of the country from financial mechanisms based on the dollar and international banking controlled by the political power in the United States.