The embattled Petro cryptocurrency gets listed at six exchanges – after original promise of 16

The Petro – the currency designed to drag Venezuela out of national economic crisis – takes one step forward, one step back…

by Manoj Sharma for CNR

In the midst of its heavily-reported economic meltdown, the Venezuelan government launched the Petro, a national cryptocurrency, in an effort to save the nation’s economy from crumbling. While many opposed the move, and indeed cast doubt on the legitimacy of the Petro, the token has managed to get itself listed in six cryptocurrency exchanges authorised by the government.

According to local media outlet Noticiero Digital, the mix of six exchanges – namely Afx Trade, Bancar, Cave Blockchain, Cryptia, Amberes Coin, Criptolago, and Cryptia – will handle the sales and marketing of the Petro.

A further website, Amber Coin, described itself as an authorised exchange in the country for sales of Petro, ETH, BTC, and many other virtual currencies permitted by the Venezuelan government. The website also claims to be an ideal platform for buying, selling and safeguarding cryptocurrencies within the country.

The news of the six exchanges comes after Venezuelan President Bicolas Maduro gave a speech earlier this month. In it, he announced that the Petro would be advertised by 16 companies. The oil-backed cryptocurrency is currently ten short of that number.

The Petro has been in trouble since its white paper launch, with suggestions of plagiarism for a start. Many parts of the white paper were, ahem, ‘similar’ to the Dash whitepaper. It’s but one of many problems the currency has faced since it was first announced, not least as it struggles to generate any kind of confidence in investors. Still, the listing at the six aforementioned exchanges is active now. Maybe that’ll start turning things around… but we’re not betting on it.

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