President Maduro of Venezuela is creating new incentives and structures to increase usage of the Petro as its pre-sale ends.
Maduro has certified 16 exchanges that he hopes will list the Petro, although there is yet to be any confirmation that any of the exchanges have agreed to actually list the Petro. Despite this fact, Maduro claims that “certification of these 16 exchanges is a demonstration of confidence in the system of the Petro, as a cryptocurrency, and will allow liquidity and solid transactional volume”. One of the listed exchanges, Coinsecure, said that “Venezuela wanted to add Petro as a cryptocurrency on Coinseure, so they can trade Petro against bitcoin and the rupee”. The significance arises from additional reports that proclaim Venezuela will give India a 30% discount on oil if they purchase said oil with the Petro.