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  • President Nicolas Maduro created the Petro last Dec. 3 in order to counter the economic blockade imposed by the United States and Europe

    President Nicolas Maduro created the Petro last Dec. 3 in order to counter the economic blockade imposed by the United States and Europe | Photo: Venezuela's Trade Ministry

Published 6 February 2018

This would be the first time that Venezuela's “Petros” receive the endorsement of other nations.

During a meeting with foreign investors, Minister José Vielma Mora announced Tuesday that he received a “group of Brazilian businesspeople who wished to invest in Venezuela US$300 million, starting with a US$100 million inversion.”

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Venezuela to Bring 100M Cryptocurrency Units to the Market

Poland, Denmark, Honduras, Norway, Vietnam among others also expressed interest in exporting goods to Venezuela like food and medicine for a total amount of US$435 million, while receiving payment with Venezuela's new crypto-currency, reported Venezuela's Ministry of Foreign Trade.

He added that a Canadian trade chamber also planned to invest in Venezuela “in pharmaceutics for humans and animals.”

He recalled that the government emitted a total 82,4 million Petros for a start, to be put on pre-sale on Feb. 20 through the creation and sale of a token from the blockchain platform Ethereum.

President Nicolas Maduro created the Petro last Dec. 3 in order to counter the economic blockade imposed by the United States and Europe, while giving the country news ways of accessing the international market.

Already 860,000 Venezuelans have signed up to be part of the South American nation’s “mining” team.

The Registry of Cryptocurrency Miners, which was launched by Venezuela's Superintendence of Cryptocurrencies and Related Activities, will remain open until Jan. 21, and is the only portal by which mine farmers can access the new cryptocurrency.

The Superintendency, as well as the Blockchain Observatory, will regulate how the Petro functions.


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