{"id":92653,"date":"2018-11-09T12:00:33","date_gmt":"2018-11-09T20:00:33","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=92653"},"modified":"2018-11-09T04:26:38","modified_gmt":"2018-11-09T12:26:38","slug":"maduro-says-petro-purchasers-can-exchange-it-for-any-crypto-plans-to-take-petro-to-opec-in-2019","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/maduro-says-petro-purchasers-can-exchange-it-for-any-crypto-plans-to-take-petro-to-opec-in-2019\/","title":{"rendered":"Maduro Says Petro Purchasers Can Exchange It For Any Crypto, Plans to Take Petro to OPEC in 2019"},"content":{"rendered":"<p class=\"p2\"><span class=\"s1\">Allegations that Venezuela\u2019s Petro cryptocurrency <a href=\"https:\/\/espresso.economist.com\/1df146af0948a68b1342ce39907668fe\"><span class=\"s2\">is all hot air<\/span><\/a> hasn't stopped President Nicolas Maduro from announcing a special exchange period for the Petro, and that he\u2019ll be presenting it to the Organization of the Petroleum Exporting Countries (OPEC) next year as a unit of account for Venezuelan oil. <\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">RT <a href=\"https:\/\/twitter.com\/PresidencialVen?ref_src=twsrc%5Etfw\">@PresidencialVen<\/a>: <a href=\"https:\/\/twitter.com\/hashtag\/NOTICIA?src=hash&ref_src=twsrc%5Etfw\">#NOTICIA<\/a> NEWS: Everyone who saves in Petro will be able to turn it into international crypto currency. <a href=\"https:\/\/t.co\/sTM0Z5YDZx\">https:\/\/t.co\/sTM0Z5YDZx<\/a> <a href=\"https:\/\/t.co\/AFh5xqZTJ1\">pic.twitter.com\/AFh5xqZTJ1<\/a><\/p>\n<p>&mdash; Nicol\u00e1s Maduro (@maduro_en) <a href=\"https:\/\/twitter.com\/maduro_en\/status\/1059959629151682561?ref_src=twsrc%5Etfw\">November 7, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Petro &#8216;Savings\u00a0Plan'<\/h2>\n<p class=\"p2\"><span class=\"s1\">On Tuesday, Maduro announced via a government release that those who purchase Petro certificates during the exchange period of Nov. 6 to Dec. 31, will be able to exchange the cryptocurrency for any other crypto or \u201cany other convertible currency in the world.\u201d <\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">These certificates are part of a new \u201csavings plan\u201d organized by Maduro and the Venezuelan government to push the cryptocurrency\u2019s adoption. Part of the country\u2019s \u201cComprehensive National Cryptoasset Plan,\u201d it will reportedly make 4 million Petro available for purchase. Certificates are acquired through <a href=\"https:\/\/www.telesurtv.net\/news\/venezuela-plan-ahorro-petro-20181104-0027.html\"><span class=\"s2\">an investment in the Bolivar<\/span><\/a>, Venezuela\u2019s fiat currency, according to local media outlet Telesur.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Maduro also announced his intention to present the Petro to the OPEC as an official unit of account for Venezuelan oil this week. According to the Minister of Petroleum Manuel Quevedo, the presentation will happen \u201cduring the first half of 2019.\u201d <\/span><\/p>\n<h2>Is The Petro a &#8216;Scam?'<\/h2>\n<p class=\"p2\"><span class=\"s1\">Banks have also been ordered to adopt the Petro, and court cases have even <a href=\"https:\/\/www.facebook.com\/notes\/tribunal-supremo-de-justicia\/tsj-ordena-el-pago-de-indemnizaciones-en-petros\/1970958703011924\/?_rdc=2&_rdr\"><span class=\"s2\">recently been settled<\/span><\/a> with fines imposed in the cryptocurrency, all in a multi-front effort to push adoption of the state-backed crypto coin, itself purportedly backed by Venezuela\u2019s oil and other natural resources. Despite the state\u2019s enthusiasm, though, the coin has been controversial since its inception. <\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Emigrating Venezuelans must pay passport fees in Petro, making a grueling process even more difficult. The app for downloading the coin has reportedly vanished twice from the Android platform. According to <a href=\"https:\/\/espresso.economist.com\/1df146af0948a68b1342ce39907668fe\"><span class=\"s2\">the Economist<\/span><\/a>: <\/span><\/p>\n<blockquote>\n<p class=\"p2\"><span class=\"s1\">\u201cOver the weekend the app made for acquiring the digital token disappeared from the Android platform. The petro is not sold on any major cryptocurrency exchanges. No shops accept it. A major crypto-rating site ranks it as a \u2018scam\u2019.\u201d<\/span><\/p>\n<\/blockquote>\n<p class=\"p2\"><span class=\"s1\">The White House has also barred U.S. businesses from accepting Petro as currency, echoing sentiments that the coin has no real value. <\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Nonetheless, Quevedo said that Venezuela was encouraging airlines and shipping companies to register with the state\u2019s crypto website as of Friday, as the country\u2019s oil market business will soon be conducted entirely in the Petro.\u00a0Quevedo stated,<\/span><\/p>\n<blockquote>\n<p class=\"p2\"><span class=\"s1\">&#8220;The gasoline for planes, ships, we will be selling it in Petros. It is the currency of Venezuela.&#8221;<\/span><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Allegations that Venezuela\u2019s Petro cryptocurrency is all hot air hasn&#8217;t stopped President Nicolas Maduro from announcing a special exchange period for the Petro, and that he\u2019ll be presenting it to the Organization of the Petroleum Exporting Countries (OPEC) next year as a unit of account for Venezuelan oil. RT @PresidencialVen: #NOTICIA NEWS: Everyone who saves [&hellip;]<\/p>\n","protected":false},"author":93,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Maduro Says Petro Purchasers Can Exchange It For Any Crypto, Plans to Take Petro to OPEC in 2019<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/maduro-says-petro-purchasers-can-exchange-it-for-any-crypto-plans-to-take-petro-to-opec-in-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maduro Says Petro Purchasers Can Exchange It For Any Crypto, Plans to Take Petro to OPEC in 2019\" \/>\n<meta property=\"og:description\" content=\"Allegations that Venezuela\u2019s Petro cryptocurrency is all hot air hasn&#039;t stopped President Nicolas Maduro from announcing a special exchange period for the Petro, and that he\u2019ll be presenting it to the Organization of the Petroleum Exporting Countries (OPEC) next year as a unit of account for Venezuelan oil. 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