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The government of Venezuela announced that in a few weeks it plans to launch the sale of the national Petro cryptocurrency through the Dicom exchange platform.

 

The Dicom marketplace opened in May 2017. Through it, the Venezuelan authorities trade in foreign currencies. At the time of the opening of the exchange, the rate of the Venezuelan bolivar (VEF) was 2,200 for one US dollar, by June the dollar rate had risen to 2640 VEF. In September 2017, due to lack of currency, the stock exchange was closed. In January of this year, the exchange resumed its work with the rate of 3345 VEF for one dollar.

 

Last month, Dicom hosted the first auction of 31,000 bolivars for 1 euro (about 25 000 VEF for one dollar). However, on the black market already gives 228 thousand bolivars for one dollar.

 

In order to participate in the trade, each user must fill out an electronic form and have a foreign currency account in one of the banks that has permission to work in Venezuela. According to statistics on the site Dicom, the system has already registered more than 580 thousand people.

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The popularity of crypto currency in Venezuela is ensured by the fact that the national currency catastrophic depreciates and it is difficult for it to acquire even basic commodities. Due to low electricity tariffs, bitcoin mining and other crypto-currencies are developing at a rapid pace. The authorities tried to fight the miners, but after the appearance of plans for the release of the national crypto currency, they calmed down somewhat and ordered them to register and pay taxes.

 

Though the crypto market is still relatively new and lacks many of the traditional institutions of a civilized market, there are projects on the market that seek to indemnify or mitigate the associated risks that investors take when deciding to invest in projects. Cryptics is one such project that seeks to offer the necessary instruments for alleviating the situation with uncertainty. The concept behind it is to support market participants by providing liquidity on exchanges and a safety cushion for retail investors by creating a platform that connects market players and develops algorithms to predict changes in the value of cryptocurrencies. Such instruments based on highly advanced scoring models involving machine learning and AI are incomparable with human intuition that even the luckiest and most prudent investors could ever be endowed with. The multitude of factors involved in predicting a cryptocurrency’s rise or fall are all taken into account by the algorithms that Cryptics employs. Investors should consult such projects as the expense is well worth the ensured profit and peace of mind.

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