The Venezuelan government authorized six (6) local platforms for the exchange of cryptocurrencies to begin the exchange of the national currency, El Petro (PTR). According to local newspapers, this currency will be available for exchange from October 17 on websites, which the government claims are “exchanges.”

It is important to highlight that Nicolás Maduro, President of Venezuela, previously announced that there were 16 certified companies for the marketing of this national cryptocurrency.

Among the websites enabled to support the Petro are Amberes Coin (, Afx Trade (, Bancar (, Cave Blockchain (, Criptolago (, and finally Cryptia (

Some of this, inter alia, began to promote the Petro. In this regard, Maduro ensures that the exchange houses that list the national currency are among the most “powerful” in the world.

Obviously, this could not be further from reality. As an example, Cryptia claims that it supports trading Bitcoin, Ripple, Dash, and Ethereum; however, it has a trading volume of zero (0).

Maduro’s government launched a new “whitepaper” a few weeks ago, to which an Ethereum developer concluded that it would be nothing more than an “absurd copy of Dash’s whitepaper.”

Consequently, everything is becoming more confusing. In fact, Venezuelan residents comment that, currently, there is not even the slightest sign of the existence of this cryptocurrency, even though minimum wages and basic products are anchored to it.

In this regard, a local trader said:

“There is no way to anchor the prices or exchange rates to a currency that is not exchanged”

These statements indicate that, despite President Maduro’s continuing claims of success over his oil-backed crypto-active, his citizens have not enjoyed the supposed benefits inherent in the commercialization of that currency.

By Samuel Paz


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