The PETRO is a Venezuelan cryptocurrency that is backed with natural resources from Venezuela, as gold, diamond and gas (oil). For the moment each PETRO would be backed by one oil barrel of the Venezuelan crude oil basket.
Hugo Chavez (the previous president) in March 3, 2009 had the idea to create an international coin named: PETRO, this coin would be backed with the principal oil reserves from different countries. In September of 2017, Wilmar Castro Soteldo, Minister of agriculture and lands of Venezuela supported the creation of digital coins to save the economy of Venezuela and end with the American hegemony.
December 3, 2017 the president of Venezuela, Nicolas Maduro, announced the creation of this cryptocurrency. He announced too the page were all the transactions will be done by the name of: Observatorio Blockchain de Venezuela.
In the official Gazette of Venezuela, N°. 41.296, December 8, 2017 it was established the creation of the Superintendence of Cryptocurrency and Related Activities that will control and monitor the evolution of PETRO.
The pre-sale of the PETRO started on February 20, 2018. Currently one PETRO is worth $60 (USD 60).
“PETRO will be an instrument for the creation of a freer, balanced and fair international financial system."
You can use PETRO by opening digital wallet of PETRO. You can deposit and transfer all your PETROs.
- The PETRO is backed with the Arco Minero del Orinoco resources. This is a huge oil belt from Venezuela
- You can use this cryptocurrency to pay taxes in Venezuela.
- Can be used to make purchases and sales on the internet.
- There's is an intermediary in this cryptocurrency, (The Government of Venezuela) and not like Bitcoin which can be used freely because there's no intermediary.
- The sale of PETROs is done by tokens and in a future this tokens can be exchanged for PETROs.
- Maintains encrypted mathematical algorithms that do not allow the interception of agents external to this cryptocurrency.
Nicolas Maduro announced this thursday that the negotiations and offers around the PETRO overcome more than one million dollars in just two days of operations. Countries like: Spain, Colombia, Brazil, Japan, China and more are very interested in this cryptocurrency.
There's a problem in all this thing. This cryptocurrency only accepts dollar and euro transactions, you can pay with Bitcoin and Ether too. So practically only people who manage dollars in Venezuela can buy this cryptocurrency. The currency in Venezuela that's the VEF is not permited in this transactions.
People got very mad when they discovered that you can't buy PETROs with the Venezuelan currency.
The government says that with half of the money that will be collected, will be sent to a "sovereign fund" and the other half of the money will be sent to the project development, all of this is said on the white book that you can download here.
There are speculations about that the 735 million dollars collected by the government are true, because the PETRO public blockchain shows different money entries.
- Do you think that this cryptocurrency will be sucessful?
- Do you think that Venezuela can improve with this?
- Do you think that Venezuela can end the American hegemony?
- The collected money will be used correctly?
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