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Venezuela to Auction Cryptocurrency

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The vice president of Venezuela, Tareck El Aissami, announced that: “Venezuelan cryptocurrency ‘el petro’ will be auctioned through the Complementary Floating Market Exchange Rate System (Dicom) for the development of the Bolivarian Economic Agenda (AEB)”.This was announced at the National Council for Productive Economy’s meeting.

Global law firm Norton Rose Fulbright explained that Venezuela’s Dicom system “allows the sale and purchase of foreign currency (typically, United States dollars) in exchange for local currency.” This process is done through foreign currency auctions “administered, regulated, and directed” by the Committee of Foreign Currency Auctions, which the firm described as an “internal instrumentality of the Central Bank of Venezuela (BCV).

Aissami also reaffirmed that the sale phase of the new currency is scheduled to be completed by  March 20 when buyers will receive “a special discount”.

Aissami explained that the auction of the petro “will facilitate the national productive sector” so they “can buy and sell raw materials, capital goods, pay for services,” as well as participate in technological development through the cryptocurrency.

 

Meanwhile, the National Assembly has added that the petro is still illegal. Deputy Francisco Sucre pointed out that “Oil fields are national goods and cannot be given as collateral.” He insists on declaring the public offer of the petro null and fraudulent.

Meanwhile, deputy Alexis Paparoni stated that the petro is not a cryptocurrency, asserting that “It is a strategy to generate treasury resources to keep stealing money from Venezuelans.” The opposition-led parliament already declared the issuance of the new currency null and void earlier this year.

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