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Venezuela unveils minimum investment level to buy Petro

Xinhua,March 29, 2018 Adjust font size:

CARACAS, March 28 (Xinhua) -- The official website of Venezuelan cryptocurrency Petro announced Wednesday that the minimum investment to acquire Petro, has been fixed at 50 euros (61 U.S. dollars) through cryptocurrencies, and 1,000 (around 1230 dollars) euros through bank transfers.

This announcement came after the public sale of the cryptocurrency began last week, with minimum investment levels being set for individual buyers.

The Petro can be exchanged with three existing virtual currencies, including Bitcoin, Ethereum and the New Economy Movement, or using currencies such as Chinese yuan, Russian ruble, Turkish lira and euro.

The Venezuelan oil ministry announced Tuesday that the value of the cryptoasset has been set at 49.4 euros (61 dollars) for 1 Petro.

Caracas launched the Petro in February with a pre-sale stage, during which the government said it had raised 5 billion U.S. dollars.

The official sale of Petro started on March 23, backed by Venezuela's oil, natural gas, gold and diamond reserves. Enditem

 

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