The petro, or petromoneda is a cryptocurrency proposed to be adopted by Venezuela.
Venezuelan President Nicolás Maduro announced the petro in a televised address on 3 December 2017, stating that it would be backed by Venezuela's reserves of oil, gasoline, gold, and diamonds.According to Latin American news source Telesur, 82.4 million tokens are available initially. The president has previously said that 100 million petros will be issued, valued at over $6 billion.
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Venezuela has been known for misappropriation of assets in the past and the central bank has just created hyperinflation so I imagine there'll be trust and transparency issues," he told the news source.
The petro is an ERC20 token that has been pre-mined on the Ethereum Blockchain, with each petro is backed by one barrel of oil. Maduro had ordered the issuance of 100 mln in petro on Jan. 14 in preparation for the pre-sale. The creation of the petro has been viewed skeptically by critics and members of the Venezuelan opposition parliament who consider the petro a fraudulent currency that could help Maduro avoid sanctions. The petro’s pre-sale will take place from Feb. 20 at -04:00 UTC to Mar. 19 at -04:00 UTC, and there will be 38.4 mln tokens available. Pre-sale tokens “may be exchanged for petro [coins] at any time between the launch date and the closing of the initial offer,”
The cryptocurrency is the world's first to be backed by a country's physical assets and will be valued at the price of a barrel of oil, around £45.
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