The Venezuelan national Cryptocurrency, petro is now listed in six exchanges. The government authorized the exchanges to start selling the new national currency. The National Superintendency of Criptoassets and Related Activities (Sunacrip) regulates altcoin and related activities in the country. In February, Venezuela became the first country to launch a national Cryptocurrency with the aim of circumventing US sanctions.
Six Exchanges List Petro
Six exchanges have been authorized by the Venezuelan government to begin selling the national Cryptocurrency, petro. According to Noticiero Digital, the new currency was listed on the six exchanges on Wednesday, October 17. Previously, President Maduro had said that the virtual currency would be listed in 16 registered exchanges.
The six exchanges have been identified as Criptolago (criptolago.com.ve), Afx Trade (afx.trade), Amberes Coin (amberescoin.com), Cryptia (cryptiaexchange.com), Bancar (bancarexchange.io), and Cave Blockchain (caveblockchain.com). The exchanges are listed on the government website. Most of these exchanges are already advertising the availability the coin to their customers.
Since the introduction of petro at the beginning of this year, the government has introduced various changes. Previously, the Cryptocurrency was to be backed by the country’s oil reserves. Currently, the coin is backed diamond (10 percent), iron (20 percent), gold (20 percent), and oil (50 percent). The introduction of more minerals is expected to boost the stability of this coin.
How The Exchanges Are Advertising Petro
Cryptia exchanges allows users to trade XRP, DASH, and ETH against BTC. The company tells its visitors that they can purchase and sell petro on the website. Users can buy the coin in bolivares and then trade it against American dollars, Ethereum, and Bitcoin. The website is licensed to provide exchanges services in Venezuela. The exchange has zero trading volumes.
At Amberes Coin claims to be an exchange allowed by the Venezuelan government to purchase and sell altcoins regulated by the regulators. The exchange allows its customers to access Ether, Bitcoin, Petro, and other Cryptocurrencies. Afx Trade says it is allowed by the government to buy and sell Cryptocurrencies inside and outside the country.
For some time, many people have been questioning the availability of petro in Venezuela and beyond. The listing of the coin on the various exchanges will offer a platform for those wishing to study its use. Venezuelans will now be able to use the new currency in an easy way on these exchanges. Countries planning to introduce national Cryptocurrencies in the future will have a lot from the developments in Venezuela.
Cryptocurrency Regulation In Venezuela
Venezuela is one of the few countries that see the potential of Cryptocurrencies in addressing challenges in the current banking system. The National Superintendency of Criptoassets and Related Activities (Sunacrip) is the agency responsible for regulating the sector in the country. On its website, the regulator says that exchanges wishing to operate in the country must be licensed. Furthermore, the agency says regulation is essential to protect the users.
Cryptocurrency mining is also legal in Venezuela and is regulated by the Intendence of Digital Mining, which is run by Sunacrip. The regulator is also responsible for planning and coordinating altcoin mining and related activities in the country. Those involved in mining activities must get licenses from the regulator.