The cryptocurrency has not yet been born, but it has already been announced by the chief executive.
With this new cryptocurrency financed by Venezuelan oil, the national government seeks to create a new form of international financing.
What differentiates the Venezuelan cryptocurrency of Bitcoin or Ethereum, is that this currency will be backed by the national reserves of gold, oil, diamond, gas and coltan.
The 3 basic benefits that Petro will bring to the economic sovereignty of Venezuela:
- Safe and transparent economic platform.
Inflationary control.
Immediate transactions without commissions.
Possibility of exchange in the following pairs: Petro / Dolar, Petro / Euro, Petro / Rublo, Petro / Yuan, Petro / Bitcoin and Petro / Bytecoin available to natural persons.
Petro can be mined with the use of common computers without special features. It will be a cryptocurrency with low electricity consumption (making it friendly to the environment), easy to exchange between dollar, euro, ruble, yuan, bitcoin and bytecoin.
The Petro Currency Wallet will have the GUI version (Graphical Interface) that is easy to use and can be installed in Windows, Mac OSX, Android and iPhone, it will also have the RPC version to communicate through an API and the version by command lines of OS.
Within the following days of this week when the official launch of the coin will release on the official website the code of these Virtual Portfolios together with a user manual.
Will this cryptocurrency be viable?
Although the national government has not issued more related details, it is already working on the coding of this electronic currency, so that it can be in the market very soon.
In fact, experts have stressed that creating the virtual currency does not have major technical problems.
This was explained by Garrick Hileman, specialist in the field.
The main problem is to give support to the currency and in the Venezuelan case, the currency will be mainly backed by the national oil.
According to President Nicolás Maduro.
When and who will create the virtual currency?
The national executive stressed that the creation of Petro must start immediately and for that purpose he has appointed who will be in charge of the entire creation process.
As the new president of the state oil company, Manuel Quevedo has been appointed to coordinate the creation team of this virtual currency.
President Nicolás Maduro ordered the immediate creation of the Moneda Petro and the Blockchain observatory in the country.
What has not been announced is the launch date, however, it is expected to come into operation during the first quarter of 2018.
Soon I will be announcing new related details.
Thanks for your attention!.
