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  • Petrol to go live on six international exchanges before the public sale on November 5.
  • Petro can be bought using Bitcoin, Ethereum, U.S Dollars, and even euros.

The president of Venezuela, Nicholas Maduro recently made a series of announcements regarding the country’s national cryptocurrency token, Petro. The latest announcement was released via a radio and TV broadcast session. Another notice found on the government’s website says that the official website for Petro is live and people are free to visit the site for information. Moreover, there is an official wallet available for download on Google Play Store.

The President is very passionate about Petro and indicated that the token will be tradable on at least 6 exchanges from different parts of the world starting October 1. However, he did not specify the exchanges interested in listing Petro. Some major exchanges have already distanced themselves from Venezuela’s Petro referring to it as a scam.

In addition to that, Maduro said that there will be a meeting on October 29 where miners and crypto experts will discuss issues concerning the token before the public sale goes live on November 5. The President insists that all the oil from the country will be purchased using Petro. Likewise, the government will own a 51% of the token while the remaining 49% is open to the public. A Crypto Asset Treasury has already been set up for the custody of the government’s share. Petro is said to execute on a Venezuela government created distributed ledger. Epoch Times reports:

“50 percent of Petro’s price will hinge on the oil price, 20 percent on the gold price, 20 percent on the iron price, and 10 percent on the diamond price.”

According to a Video published by Bloomberg, people who have Bitcoin, Ethereum, U.S. Dollars, and euros will be able to by Petro. The locals in the country will also be able to purchase Petro using Bolivars (local currency).