Venezuela to auction its Petro crypto via ‘Dicom system’

Venezuela to auction its Petro crypto via ‘Dicom system’

Venezuela has announced that it will auction out its Petro cryptocurrency through its Dicom system, an FX platform that will be used for the trading of the same instrument.

According to Global law firm Norton Rose Fulbright cited by New.bitcoin.com, 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).”

Announcing the decision, Venezuela’s vice president of Venezuela, Tareck El Aissami, was quoted by News.Bitcoin.com on Tuesday during the National Council for Productive Economy’s meeting held at the White Palace in Caracas 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).

Meanwhile, Venezuela’s parliament has been up in arms with the President Nicholas Maduro by declaring the Petro cryptocurrency illegal.