In the cryptocurrencies, the Venezuelan authorities are looking for help for the economy. Although “petro” will not heal it, it will certainly be a source of money that is missing from the state. This country is paving the way. Own virtual currency will soon introduce a few other, much less exotic countries. Venezuela has officially launched the pre-sale its new digital currency called the Petro (PTR).
Petro crypto is in the game!
Venezuela is desperately looking for money to save the economy in a huge crisis. On Tuesday, Venezuela started selling a state-owned cryptocurrency called “Petro”. As President Nicolas Maduro announced at the beginning of January, he wants to get about 6 billion dollars from investors.
The name of the Venezuelan cryptocurrency is not accidental. “I ordered 100 million Petro emissions, for which Venezuelan crude oil is the security” – President Maduro announced. And he added that each “petro” will have a value equal to the price of a barrel of raw material mined in this country.
The sale of state cryptocurrency is intended to circumvent the ban on financing the government in Caracas by Americans who economically isolate the country, forbidding the purchase of Venezuela’s bonds. Due to the specificity of cryptocurrencies and the boom that prevails in the world in connection with m.in. with bitcoin, it’s easier to reach investors in this way.
“Today is the day the Petro is born. We are on the world’s financial vanguard. Our response to great problems is great solutions and good will” President Nicolás Maduro said in a televised launch event Tuesday
So... where buy Petro?
The presale, which was announced last month, launched Tuesday morning, as CoinDesk previously reported. Though more than 100 million petros are expected to be released ultimately, initially, only 82.4 million will be disbursed. For now, there is no information on the internet where you can buy Petro currency.
As we can read at Aljazeera.com, Buyers will be able to purchase the petro via online exchanges. Some of the exchanges would work with bolivars, Venezuela’s local currency, while others will be able to exchange other cryptocurrencies for the petro, a Venezuelan government adviser told Reuters.
Each petro will be backed by a barrel of oil and will be sold at the same price, according to the government. Prior to the launch, government advisers recommended that 38.4 percent of the petros should be sold in a pre-sale private auction at a discount of 60 percent. here are currently 82 million tokens available, which the government plans to follow with an initial coin offering (ICO) launch in a month.
Source: washingtonpost com, aljazeera com, coindesk com, theverge com