Venezuela’s Crypto Coin Petro Going to be Auctioned

Venezuela’s Crypto Coin Petro Going to be Auctioned

The Venezuelan government will be auctioning the petro on the country’s official foreign exchange platform.

As it was announced on Tuesday by the vice president of Venezuela, Tareck El Aissami, that Venezuelan cryptocurrency ‘el petro’ will be auctioned through the Complementary Floating Market Exchange Rate System (Dicom)

The vice president added that the sale phase of the new currency will conclude on March 20 when buyers will receive “a special discount”.

The Venezuelan government is determined to go on with its petro adventure despite strong protests from the opposition. The opposition say the petro is an illegal debt issue.

In the wake of the auction announcement the U.S. Treasury Department has warned potential investors that buying he petro might be a serious legal risk for them as it may violate U.S. sanctions.

The Venezuelan government, however, is confident the auction of the petro will give a healthy boost to the national productive sector and enable the sector’s participants to buy and sell raw materials, capital goods, pay for services. Tareck El Aissami has also expressed confidence that the cryptocurrency will encourage participation in technological development of the country.

The vice president added that the petro is going to be Venezuela’s “international powerful currency above the dollar”.

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