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The president of Venezuela, Nicolás Maduro, in broadcast inaugurated this Monday the headquarters of the Superintendency of Cryptoassets and Related Activities (SUNACRIP), with regard to the launching of the Petro (PTR) as the currency of national and international exchange.

These were the most outstanding announcements of the speech of the National Executive:

  • The blockchain system, based in Venezuela, will be implemented.
  • The registration mechanisms to participate in the purchase of the PTR will be initiated.
  • PTR will operate in six exchange houses that are responsible for the purchase and sale of cryptoassets.
  • PTR will be available in sovereign bolivars as of November 5.
  • Venezuelan oil will be traded with PTR.

The nation implements the national blockchain system, based in Venezuela. Maduro pointed out that from this October 1, the Petro is Venezuela’s new commercial currency.

Maduro said, “Today we must all be very active,” given that a new stage was beginning in the national economic era. The software of the national blockchain of the Petro, which will have its headquarters in Venezuela, was activated, will be developed by national professionals and scientists.

He stressed that through this development mechanism, the entire 10-year plan of the Petro cryptocurrency will be sustained. “We are starting with the national, Venezuelan blockchain,” he said.

From the new headquarters of the national cryptocurrency, the national leader also indicated that the purchase and sale of the Petro attached to the protocols begins. It also mentioned that this digital asset sustained in petroleum and mineral wealth will be able to be bought in other cryptocurrencies, international currencies, and sovereign bolivars as of November 5.

Maduro explained that four weeks will be given to all citizens who want to register to make use of the new Petro currency, in which they will be able to opt for an account of digital assets sustained in oil, whose details are in its official page.

President Maduro said that from his page the digital wallet can be viewed in Petro, and mentioned that this currency seeks to provide the Venezuelan people with a cryptoasset that can be used in any nation in the world.

The National President announced on a radio and television broadcast:

“As of November 5, the National Development Plan will go on sale to the public in sovereign bolivars. You will be able to buy Petro in sovereign bolivars and you will be able to save on Petros certificates backed by Venezuelan oil.

“So can do any citizen of our country to receive Petros obtained under the denomination of exchange cryptocurrency. If you have Bitcoin, or if you have the foreign exchange you can buy Petros.”

In this national speech, the project of the new cryptoassets integral law was also signed, so that the National Constituent Assembly can approve it.

Other Announcements Related to Petro

Maduro reiterated that on October 29th the first meeting will take place with miners specialized in the Venezuelan cryptocurrency, the Petro.

Through his Twitter account, the president published:

 “Next #29Oct we will have the first meeting of miners and cryptoassets specialists in the world, to make a balance of what has been the development of our Petro.”

In another tweet, the Head of State specified that Venezuelans should familiarize themselves with cryptocurrency since it will be our economic future. Maduro accompanied the message with a link from the project’s white paper, which aims to explain in detail what the Petro consists of and its functions.