Maduro Claims and Economic Miracle

Venezuela has announced the end of the pre-sale raising the equivalent of over 3 billion dollars. Maduro has also certified 16 crypto exchanges.

According to Venezuelan newspaper with government backing Correo del Orinoco, Maduro has “authorized the certification of 16 exchange houses for cryptocurrencies,” which will facilitate Petro transactions in the international market. Maduro was quoted saying during the inauguration of Venezuela Power Expo 2018 in Caracas:

“The certification of these 16 exchanges is a demonstration of confidence in the system of the Petro as a cryptocurrency, and will allow liquidity and solid transactional volume.”

The news follows the announcement of Venezuela’s crackdown on cryptocurrency exchanges and remittance businesses dubbed Operation Paper Hands.

Maduro talking at Venezuela Power Expo 2018.

The certified 16 exchanges are “Criptoexchainge, Criptocapital, Asesoría Financiaera CA, Italcambio, Amberes Coin, Cave Blockchainge, Valoratta Casa de Bolsa, Coinsecure.ve, Critiaechainge, Criptolago, Criptoventraige CA, Criptoactivo Menets CA, Criptoactivo Bancar CA, Criptomundo Casa de Intercambio CA, Inversiones Financieras 1444 CA, Criptoactivo Criptoes,” the publication detailed.

However, there is no confirmation that any of them have agreed to list the Petro at the time of this writing.

Coinsecure’s Comments

India’s Coinsecure is on the list of exchanges certified by Venezuela. CEO Mohit Kalra said that “Venezuela wanted to add Petro as a cryptocurrency on Coinseure, so they can trade Petro against bitcoin and the rupee,” Business Standard reported on Saturday.

Venezuela has reportedly offered India a 30% discount on crude oil purchases if India uses the Petro, the news outlet added and quoted Kalra saying:

Maduro announced on Thursday the official closing of the Petro presale.

“I have to report on the closing of El Petro’s first pre-sale. We closed with an amount of $3,338 million. An economic miracle.”
During his speech, Maduro held up a presentation slide below showing that the Petro had raised the equivalent of 2.744 billion euros, 208.337 billion rubles, and 21.118 billion yuan. He also announced that he will deliver inject $1 billion into the economy obtained from the Petro.

Maduro Claims $3.3 Billion Raised So Far.

Furthermore, the president promised that he will continue promoting the Petro. In addition to announcing that fuel will be sold to all national and international airlines for Petro, he declared that he has signed the paperwork “to create an Industrial and Economic Investment Fund in Petro and I have already contributed, for now 8.5 million Petro equivalent of $510 million for credit loans.”

Time will tell the story of the Petro, meanwhile stay away from the obvious scam tied to an oppressive regime.

Images courtesy of Shutterstock, Coinsecure, and the Venezuelan government.
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