Venezuela’s Petro getting traction

Venezuela in financial and political turmoil, but approves crypto legislation

Venezuela’s oil-backed state cryptocurrency is getting some traction. After the stable coin was created to fight off inflation and Trump’s imposing regulations on the country, the Petro has experienced some downs, as it was not perceived well from common people and especially businesses.

Things are starting to change, it looks. The Petro is now reportedly accepted as an official payment method at 93 stores in Venezuela, and the number of merchants accepting it is expected to rise.

Venezuela’s Superintendent of Cryptoassets, Mr. Joselit Ramirez, stated that the more merchants are accepting the cryptocurrency because of the new payments system called PetroPago – all made to assist businesses in accepting payments in Petro.

The current businesses that accept the oil-backed stablecoin are Ecomarket, Hiper Líder, and Kromi Market Biomercados. The other type of merchants that have started supporting the Petro are blockchain-based companies, hotels, automative parts dealers and others.

In order to pay with Petros, users will have to install a wallet app that allows them to store other coins as well and exchange from one to another. One cryptocurrency exchange that already supported the Petro was CriptoLAGO (sanctioned by the state). The exchange and Glufco intended to release a debit card and POS system that will eventually support the Petro.

The Venezuelan government is taking serious steps in encouraging its citizens to purchase goods and services in Petro.

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