SO IT BEGINS: Venezuela Kicks-off Sale of Cryptocurrency

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As FRN has been covering for the better part of the year, Venezuela had been planning to get around U.S sanctions through an ingenious plan to develop a national, untraceable, cryptocurrency that will allow ‘shadow allies’ around the world to trade with Venezuela in manner which the U.S won’t be able to detect. And so it began. The purchase of the cryptocurrency petro through the national currency of Venezuela, the Bolivar, began on Monday.

If you’re interested in buying petro, and investing in the future of Venezuelan socialism as China is doing, this article contains instructions. However, a warning – FRN is not offering financial advice or services, and is in no position to speak to the legality of petro purchases in your country, nation, or community. Please check with legal counsel and local laws before proceeding.

To participate in the Petro Savings Plan, it is necessary to register in the Pátria Platform, which is associated with the data of more than 18 million Venezuelan beneficiaries.

Recently the president of Venezuela, Nicolás Maduro, reported on the first phase of the sale offering four million petros, in which each petro is equivalent of US $60.

“As part of the development of the tenth series of the Economic Recovery Program, I allocated 4 million petros for the implementation of the Petro Savings Plan through the ticket of the Motherland and the Homeland System,” Maduro said in a Tweet.

After registration on the Homeland website you must enter the Savings Plan session, where you will have the option to save in petro. The payment system consists of quarterly payments of the debt and a final disbursement that must be made in 90, 180 or 270 days.

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The money invested in the purchase will be equal to or greater when it is withdrawn, thus guaranteeing the economy.

The sale of cryptocurrency in Venezuela as a way to encourage savings in times of economic crisis. In the same week, Venezuelan workers received the 13th salary (bonus) attached to the cryptocurrency. Such action will protect employees’ income against the economic crisis and speculative prices, Maduro said previously.

The director of the Development Bank of China, Tian Yunhay, expressed his support for the Venezuelan government as part of the start of the sale of the petro and was one of the authorities who attended the National Cryptoactive Superintendence in Caracas last Wednesday to buy the digital currency.

“I really like the minister (Economy) Simón (Zerpa), and I also support this very new currency for everyone. I have already tried the petro and I am very proud of it and I also congratulate you,” Yunhay said in an interview for state broadcaster Venezolana Televisión.

Vice President Delcy Rodríguez met with representatives of the China Development Bank last week to promote the economic development plan with which the government seeks to address the crisis affecting the Caribbean nation.

In September, President Nicolas Maduro traveled to China, where he met with his colleague Xi Jinping and obtained a $5 billion loan.

The president stressed that his country should increase the production of crude oil as they send the Asian nation to at least 1 million barrels a day before the end of 2019.

The Caribbean country has strengthened alliances with countries such as Russia, China and Turkey to overcome the difficult economic situation it faces with sanctions imposed by the United States.

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