The new app launched by Venezuela’s central bank will convert the old fiat currency Bolivar to new Petro pegged Bolivar Soberano by takes five zeros away from the Bolivar.
Petro cryptocurrency is to receive an official status of the Venezuelan second official currency, which is believed to be a tool for overcoming economic difficulties.
After launching Petro, Venezuela’s President announced new ‘Petro Gold’ cryptocurrency. He considers it a means of combating the U.S. sanctions, while the U.S. warns about risks for investors.
Venezuela President Nicolas Maduro makes boisterous claims of raising $750 million in just a few hours, without backing it with sufficient evidence.
The new cryptocurrency has faced lots of resistance but finally made its way through – the 82.4 million tokens are already available.
The oil-based digital currency fails before launching: it is claimed to violate the Constitution of the country.
To counter the U.S. led financial sanctions and the collapse of its own currency ‘bolivar’, Venezuelan President Nicolas Maduro has announced the launch of its new state-owned cryptocurrency ‘Petro’.