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Venezuelan Cryptocurrency Petro to Be Adopted for Int'l Trade on Oct. 1 - Maduro

Sputnik International

MEXICO CITY (Sputnik) - Venezuelan President Nicolas Maduro announced that the government-backed cryptocurrency, called the petro, will be used in... 21.09.2018, Sputnik International

2018-09-21T05:45+0000

2018-09-21T05:56+0000

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Venezuelan Cryptocurrency Petro to Be Adopted for Int'l Trade on Oct. 1 - Maduro

05:45 GMT 21.09.2018 (Updated: 05:56 GMT 21.09.2018)

Venezuela’s President Nicolas Maduro - Sputnik International

MEXICO CITY (Sputnik) - Venezuelan President Nicolas Maduro announced that the government-backed cryptocurrency, called the petro, will be used in international transactions starting from October 1.

"On October 1, the petro will enter the streets to become a means for commodity exchange, purchase and convertible currency for the whole world," Maduro said on on state television Thursday.

Venezuela has become the first country to launch an oil-backed cryptocurrency. Petro sales started in March after a month of presales.

Maduro said in August the foreign exchange rate of the petro cryptocurrency would be fixed at $60, or 3,600 re-denominated bolivars