Sale Of Venezuelan Petro Cryptocurrency To Begin Monday - Economy Vice President

Mohammad Ali (@ChaudhryMAli88) Published October 26, 2018 | 06:48 AM

MEXICO CITY (UrduPoint News / Sputnik - 26th October, 2018) The Venezuelan petro cryptocurrency will be available for purchase starting on Monday, Economy Vice President Tareck El Aissami said.

"All the users who will make transactions with the use of petro should download applications of this payment system ... The first of them will be activated on Monday [October 29] and the two others [will be launched] on November 5," El Aissami said in a statement, as quoted by the AVN news agency late on Thursday.

Petro is the world's first oil-backed cryptocurrency.

Venezuelan President Nicolas Maduro set the price of one petro as the price of one barrel of Venezuelan oil, or around $60.

According to Maduro, any Venezuelan will be able to purchase petro for foreign Currency while after November 5, the cryptocurrency will be available for purchase for Venezuelan national currency.

Earlier in October, Hugbel Roa, the Venezuelan minister for higher education, science and technology, said that Caracas expected petro to break the economic blockade imposed on Venezuela by the United States.