Venezuela to Auction Petro

According to Venezuelan vice president Tareck El Aissami, the country’s oil-backed cryptocurrency Petro (PTR) will be auctioned to private companies via the country’s Dicom foreign exchange platform “in a few weeks.” While speaking at a meeting broadcast on state television, El Aissami stated that the Petro will be auctioned, and added that companies will be able to use the country’s oil-backed cryptocurrency to pay for imports of raw materials. The country’s vice president further called on local banks to buy the Petro at a discount during its pre-sale, which will end on March 20. He added that for now the Petro can be purchased with “dollars, euros, or any other currency,” and that it may be held by banks as assets. As covered by CCN, Venezuela’s Petro was launched to help the country bypass US sanctions, while it goes through one of the deepest recessions ever. The country’s president, Nicolás Maduro, claims its token sale has received over 171,000 pre-registrations, and already netted over $735 million. To bolster adoption, the Venezuelan leader ordered state-owned companies and the country’s airlines to accept the cryptocurrency.


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