Venezuela plans to limit the number of cryptocurrency exchanges on which Petro will be available

The Venezuelan government may limit the number of domestic cryptocurrency exchanges on which the new national cryptocurrency Petro will be available.

According to the ten-page manual published last week in connection with the recently launched Petro cryptocurrency, only eight exchangers can be initially approved for operation in this market.

In a document released on 20 February, detail the requirements that must be met for a local cryptocurrency exchange and exchangers. After the first 90 days, the Venezuelan government may change the number of authorized exchanges.

Sources inside the country claim that this number may be further reduced.

According to Daniel Arraez, co-founder of BlinkTrade, the government can limit the number of allowed cryptocurrency exchanges and exchangers. BlinkTrade offering software with open source bitcoin exchange, has launched SurBitcoin in Venezuela in 2014 and is applying for a job with Petro in accordance with the new licensing terms.

Arraez said that regulatory change could be a good opportunity for market operators, but only if the exchangers are transparent and perceived as legitimate by the Venezuelan government.

We believe that the current regulatory change is a positive change.

We are already in talks about how to start work as soon as possible. We believe that the market will be safe and we can guarantee the safety of our customers ‘ funds.

It remains unclear the exact number of exchangers where the new cryptocurrency will be available after its public launch. Similarly, it is not clear which exchanges and exchangers are negotiating with the government on this subject. Although the local news publication reports that on February 21, Maduro said that the government is negotiating with 35 major cryptocurrency exchanges and exchangers.