Venezuela to Auction off Petro Through Dicom Foreign Exchange Platform

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Venezuela’s freshly-created cryptocurrency is still in the hot seat. With the country’s parliament declaring this currency illegal yet again, the future of the Petro is in question. Even so, it seems the Petro will be auctioned off to private companies through the Dicom foreign exchange platform over the next few weeks. A batch of conflicting reports only makes this all the more difficult to understand. What Comes Next for the Petro? Most people already know that Venezuela’s Petro cryptocurrency is a very controversial creature in many different ways. After all, it is a new form of money which was created pretty much out of thin air, even though it is allegedly backed by the country’s vast oil reserves. On paper, it also allows the country to bypass any sanctions imposed upon the nation by the United States or any other country. That is one of the main problems people have with the Petro cryptocurrency. It is an unsanctioned form of money which would allow investors to get a stake in the country’s economy, even though they are not allowed to do so under the current embargoes imposed upon Venezuela. Bypassing these measures – for whatever reason – could lead to major legal repercussions, although it remains to be seen if that will change. The future looks pretty interesting for the Petro as of right now. According to Venezuela’s vice president, Tareck El Aissami, a new sale of the Petro will commence very soon. More specifically, a fair amount will be auctioned off to private companies through the Dicom foreign exchange platform. This sale is expected to materialize…
Source: Venezuela to Auction off Petro Through Dicom Foreign Exchange Platform

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