State-Backed Groups Start Trading Venezuelan Petro

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A new Bitcoin.com report claims that it has unearthed new evidence to show that maligned cryptocurrency Petro, backed by the current Venezuelan government, has already started trading activities, thanks to several state-sanctioned exchanges and over-the-counter (OTC) groups.

Venezuela sits in the throes of hyperinflation, today at over 1,600,000%, ensuring that its national currency bolivar loses value every hour, making it virtually worthless. President Nicolás Maduro had creater Petro as an oil-backed cryptocurrency and has been slowly trying to decommission the bolivar in favor of Petro. It was for instance used to pay salary bonuses since October 2018.

However, it suffers from many management issues, not least the lack of a working block explorer, a lack of listings on public exchanges, a lack of a free market and even sanctions by the US government. To date, most Venezuelans still have yet to see any usable value for Petro.

Previous reports had shown that government agency Sunacrip in February made a list of exchanges trading Petro and also sanctioned a platform for crypto remittance for Bitcoin, Litecoin and others. It also said it would release a fully functional block explorer at the end of this month.

According to the latest Bitcoin.com story, authorized trading platforms include Cryptoexca.io, Afx.trade, Amberes, Bancarexchange.io, Cryptiaexchange.com and Criptolago.com.ve. After verification, Petro can be exchanged for a rate between USD 30 and USD 40.

In addition, tag sale groups called El Perolero are springing up on Facebook with plenty of sellers that will readily accept Petro. One of the biggest has over 290,000 members with over 9,000 unique ads daily.

 

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