Venezuelans can convert Petro into any Cryptocurrency if purchased before 2019

Venezuelan President Nicolas Maduro visited the headquarters of the superintendency of Cryptoassets and Associated Tasks (Sunacrip) for one week to register for Petro Savings Program, Ministry of Popular Power for Communication and Information (Minci) declared.

Minci is dedicated to boosting the authorities and delivering their message to the general public. Sunacrip is in charge of regulating all the crypto-related works in Venezuela.

Purchase before the end of 2018

During his visit, Maduro provided a new incentive for people to purchase national digital money in their country. El Nasinol quoted him saying:

Anyone who buys petro [from now on] before December 31 can convert it into any electronic money or global convertible money, for example, bitcoin or even yuan.

Minci further told him that “within this extraordinary period, from today to December 31,” Petro can be changed and “in December you can buy exactly what you would like, through the world wide web.”

Petro savings program was established on 5th November. According to the country’s financial minister and former President Tarek El Aissami, it can be redeemed after 90 days, 180 days and 270 days. Maduro said, “Within three weeks I will find exactly what Petro is worth at the moment.”

KYC is pre-requisite before the issue of certificates

According to Sunacrip, a series of Venezuelans and police officers bought petro because it went on sale on October 29th. Before issuing petro certification of purchase to buyers, Purchasers will need to finish know-your-customer (KYC) requirements including being fingerprinted

There are no specific hallmarks of Cryptocurrency at Petro now. The official pocket for Petro remains unattainable. For downloading both Windows and Linux pocket, the link to the official petro site is return the message “This wallet will soon be available on your operating system” Additionally, El Aissami clarified the Android program for its petro wallet, Available from Play Store, was terminated by Google.

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Moreover, there’s absolutely no code repository using the Petro code readily available to the general public, so the separate confirmation of its presence or performance is hopeless. In addition, there are no printed charts or figures showing the well-being of the petrochemical system, including network action, affirmation instances, trade throughput, mining hash rate or other standard cryptocurrency figures.

In spite of Petro’s white paper, describing the block period of one block per second, on average, the government’s very own block explorer reveals just 743 total blocks in the time of the writing — more than a month following the explorer has been printed and its very first block exhibited.