The petro coin, or petromoneda launched in February 2018, is a cryptocurrency developed by the government of Venezuela. Announced in December 2017, it is claimed to be backed by the country’s oil and mineral reserves, and it is intended to supplement Venezuela’s bolívar fuerte currency as a means of hyperinflation of Maduro’s Government and access international financing. Petros will be “pre-mined”, meaning that new tokens cannot be created after the issuance, and they are a token on the Ethereum network.
What is Petro coin?
The announcement of the creation of the new crypto token was made at the end of 2017.
Maduro said today that investors have displayed a real interest in the state cryptocurrency and on the first day of a pre-sale launched before the coin opens up to more public trading, the Petro raised a total of $735 million.
Each unit of the coin, Petro, is said to be pegged to the price of one barrel of Venezuelan oil, hence the coin being oil-backed. There is hope that this coin will draw some investment attention, from some Middle Eastern countries, such as; Turkey and Qatar, in addition to the US and EU nations.
Petro Pre-Sale Starts
The private pre-sale of Venezuela’s oil-backed cryptocurrency, the petro, was scheduled for February 20 at 8:30 am (Venezuela time 04:00 UTC), according to the petro’s whitepaper. However, at midnight local time on February 20, the government announced that the petro pre-sale had started and published a buyer’s manual as well as an anti-money laundering (AML) compliance manual.
A total of 82.4 million petro tokens were offered for the pre-sale phase, the whitepaper details. The country’s vice president, Tareck El Aissami, confirmed from Miraflores Palace on Monday, “The petro cryptocurrency tokens can be purchased by Venezuelan nationals as well as other foreign nationals.”
The Superintendent of Cryptocurrencies, Carlos Vargas, was quoted by Telesur TV:
The presale and initial offer will be made in hard currencies and cryptocurrencies, but not bolivars…Our responsibility is to put (the petro) in the best hands and then a secondary market will appear.
According to the Minister for University Education, Science and Technology, Hugbel Roa, the traffic to the petro website “quintupled with the global announcement of the pre-sale of the Venezuelan cryptocurrency,” shortly after midnight local time.
Despite technical challenges, Venezuela’s president, Nicolas Maduro, claimed:
Venezuela had received $735 million in the first day of a pre-sale of the country’s “petro.”
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