MEXICO CITY (Sputnik) – Venezuelan President Nicolas Maduro announced that the government-backed cryptocurrency, called the petro, will be used in international transactions starting from October 1.
“On October 1, the petro will enter the streets to become a means for commodity exchange, purchase and convertible currency for the whole world,” Maduro said on on state television Thursday.
READ MORE: Maduro Establishes Single Exchange Rate Linked to Cryptocurrency ‘Petro’
Venezuela has become the first country to launch an oil-backed cryptocurrency. Petro sales started in March after a month of presales.
Maduro said in August the foreign exchange rate of the petro cryptocurrency would be fixed at $60, or 3,600 re-denominated bolivars