PDVSA to allocate a percentage of business transactions in petros

Caracas.- President Nicolás Maduro announced that in the first 20 hours of the presale of the Venezuelan digital currency, the Petro (PTR), purchase intent amounted to 4.7 billion yuan, that is, 596 million euros or 735 million dollars. "We already have it in our hands," he said during the cryptocurrency’s launching ceremony at Miraflores Palace.

He also instructed People’s Minister of Petroleum and President of Petróleos de Venezuela, S.A. (PDVSA), Manuel Quevedo, to allocate a percentage of PDVSA’s purchase and sale transactions in the petro currency, and a percentage of operations of Corporación Venezolana de Guayana (CVG). He also authorized the use of cryptocurrencies in all international gas stations owned by Venezuela.

The president announced the signing of fundamental agreements for petro’s circulation on Zeus and NEM, the two most advanced platforms in the world for the administration and use of digital currency.

President Maduro also authorized the payment of Venezuela’s consular services with cryptocurrencies, the sale of fuel and payment of international services of the National Association of Airlines, the participation of the Savings Banks of the Workers in the mining and acquisition of cryptocurrencies, and the creation of a manual for the payment of tourist services.

The Cryptocurrency Treasury of the Bolivarian Republic of Venezuela, headed by Abraham Landaeta Parra, was also announced.

The president ordered the immediate publication of the Internal Control Manual for the Prevention of Money Laundering and Terrorism Financing, aimed at exchange operators to guarantee the transparency of this new monetary instrument.

A historic date

Vice President Tareck El Aissami announced from Miraflores Palace, at 12:30 am, the launching of the Venezuelan digital currency with 82.4 million units available. "The Petro has been born; Venezuela is at the vanguard of the future. Today will become a historic day”, he said.

The National Constituent Assembly approved a measure in support of the launch of the Venezuelan cryptocurrency, created by the Bolivarian Government and backed in a first stage by 5.3 billion barrels from field 1of Hugo Chávez Orinoco Oil Belt’s Ayacucho Block.

The presale will be private and will run until March 19, after which the initial public offer will begin.