The official Venezuelan exchange has just been launched, called VEX (Venezuela Exchange), on which users can convert their crypto assets such as Bitcoin and Litecoin into Petro (PTR) and vice versa. 

The press release states that this exchange is supported by Sunacrip (National Superintendency of Crypto Assets and Related Activities).

It will be possible to access the exchange with the same credentials used in the Petro App, in order to guarantee correct use of the platform, as well as to have an app protected from possible scams. 

It is interesting to note that through this platform the user will be able to control and manage several cryptocurrencies besides Petro, including Bitcoin (BTC), Litecoin (LTC), thus being able to buy and sell these assets. 

A Bitcoin and Litecoin exchange and not only in Venezuela

This is not just a crypto-to-crypto platform: it is possible to connect one’s bank account and transfer the funds converted into the local fiat currency. 

Among the supported cryptocurrencies, there are also Dash, Ethereum (ETH), Tether (USDT), Ripple (XRP), Bitcoin Cash (BCH), Binance Coin (BNB), providing comprehensive access and meeting the needs of many users, since many prefer to exchange their Petro with other crypto assets.

Crypto in Venezuela 

Venezuela is proving to be an increasingly crypto-friendly country, which is becoming the main medium of exchange, something that has also emerged from the data coming from LocalBitcoins.

In Venezuela, in fact, payment for fuel can also be made via crypto, while Bitcoin is also accepted for the payment of passports.

In particular, Dash is the most successful crypto in this country, perhaps because of its speed and lower fees compared to Bitcoin.

A centralized exchange

Surely such a system simplifies the trading of Petro, although it is worth noting that this involves interfacing with a centralized and governmental platform, so in fact all the trades that will be carried out on it will inevitably be tracked and recorded.

 

Read Also:   Ripple Initiates $46 Million XRP Buyback in Q3



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Venezuela: Bitcoin and Litecoin to buy Petro

by Matt Villie
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