Venezuelan President Nicolas Maduro Announces Launch of Country's 'Petro' Cryptocurrency, Availability Date

On Monday, Oct. 1, Venezuelan President Nicolas Maduro announced the official launch of the country's official cryptocurrency, called Petro, alongside the release of the Spanish-language white paper for the coin.

According to Maduro, the cryptocurrency will be available for purchase starting November 5, when Venezuelan residents will be able to exchange the current fiat currency the Bolivar Soberano for Petro.

Maduro announced in the new white paper that Petro, now the national cryptocurrency of Venezuela, will include support from gold, diamond, iron, and aluminum crypto-assets.

"Historic day for the Homeland. The official international and national launch of PETRO. Guarantee of the prosperity of our beautiful Venezuela for the consolidation of the socialist model for the benefit of our people."

President Maduro said in a release that this launch is the start of a ten-year plan involving Petro and that he hopes to use it to stabilize the country's economy.

People are now reportedly able to exchange bolivars for Petro, and those units of cryptocurrency will be backed by Venezuela's oil, gold, diamond, iron, and aluminum assets.

Holders of Petro will then be able to use their crypto for international transactions.

During the pre-sale period, the Petro is being sold in fiat currency and cryptocurrencies like Bitcoin and Ethereum.

After the presale period, Petro will be available for purchase will bolivars.

Government Cryptocurrency Superintendent Carlos Vargas said that "In a short future, Venezuelans can buy in the bakery with the Petro."