Venezuela’s Cryptocurrency Petro Sales Start Announced by Maduro


Venezuelan President Nicolas Maduro said the nation’s new digital currency called petro will be traded for rubles, liras, yuan and euros starting Friday.

“Starting on March 23, all citizens and companies will be able to purchase ‘petros’ on a specialized website with yuans, rubles, Turkish liras, and euros, as well as with cryptocurrencies such as bitcoin, etherium and NEM,” he said Thursday in a televised speech.

Maduro also announced he wanted to re-denominate the national currency, in a bid to stabilize the economy.

“I have decided to drop off three zeros and replace the existing banknotes with new ones to guarantee economic stability,” he said in a televised address.

Venezuela is currently going through a severe economic crisis. In 2015 the country’s economy was knocked out by the fall of prices on oil to 50 dollars per barrel. This left the population with shortages of food and medicine. The situation has been made worse by US sanctions, after Washington blocked its investors from buying Venezuelan debt.

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