Venezuela Government Approves Six Exchanges to Sell Petro Cryptocurrency

Venezuela has managed to establish a national cryptocurrency, which is called the Petro. In a recent announcement on the government website, the authorities explained that they would be authorizing six different crypto platforms to sell it. The petro recently became the national currency of the country.

Noticiero Digital elaborated on the annoucement, saying,

“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.”

Right now, the six exchanges that they authorized are:

  • Cave Blockchain (caveblockchain.com)
  • Bancar (bancarexchange.io)
  • Cryptia (cryptiaexchange.com)
  • Amberes Coin (amberescoin.com)
  • Afx Trade (afx.trade)
  • Criptolago (criptolago.com.ve)

Even though the news only recently hit, some of these platforms have already decided to advertise their ability to host the Petro on their platform. In a speech towards the beginning of the month, president Nicolas Maduro commented that these six exchanges are the “most powerful” in the world.

Cryptia only presently has three cryptocurrencies that they’ve made available to trade against BTC, which are ETH, DASH, and XRP. However, they have no trading volume. The website that discusses the Petro, and the loose translation says,

“Buy and sell Petros through our platform. Access the cryptocurrency [petro] in bolivars and exchange them for bitcoin, Ethereum or American dollars.”

In the description for Amberes, they said that they are

“authorized by the Venezuelan State for the purchase and sale of the petro, bitcoin, ether and any digital assets”

that the government allows. Afx trade also promoted the listing, saying that their crypto platform is meant for buying, selling, and safeguarding

“digital assets inside and outside the national territory.”

Establishing regulations in the industry for Venezuela has been a challenge. The National Superintendency of Criptoassets and Related Activities (Sunacrip) is the entity in charge of regulatory measures. On the website, it says,

“Exchanges need licenses issued by the Venezuelan State in order to operate in Venezuela. Its reason lies in the protection of users of exchanges with regulatory and administrative infrastructure.”

However, that entity only rules the trading, buying, and selling of cryptocurrency. The mining of cryptocurrency within Venezuela is regulated by the Intendance of Digital Mining, which is a division of Sunacrip. According to Suncrip’s website,

“The Intendance of Digital Mining is in charge of planning, coordinating, promoting and executing all the digital mining and related activities in Venezuela. This includes issuing licenses [and] certifications for all mining activities.”

The Petro was in the news lately for releasing a new whitepaper that was quite familiar to anyone in the crypto community. In fact, it was nearly identical to DASH’s whitepaper.

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