Venezuela's president Nicolas Maduro has signed Pete whitepaper and announced that the presale will start on February 20th. If all Petro tokens are sold, the country will collect $ 6 billion, more than all ICOs in 2017.
This is the moment to accelerate the entry of the petroThe petro will have a great impact, in the area of the world.Nicolas Maduro
Petro is to be the first crypto-currency released by the government in the world. One Petro piece is supposed to have a value of one barrel of Venezuelan oil set at $ 60, the amount of Petro emitted will be 100 million. The cryptocurrency will be divided into smaller units, called Mene (0.00000001). Petro is to be a Ethereum blockchain token. You can find more information about Petro on the official website and at whitepaper .
The Petro presale will start on February 20 and will last a month. During this time, 38.4% of all tokens will be sold. You can make purchases in traditional currencies, excluding boliwar and in cryptocurrencies.
After the pre-sale will start public sales, the amount of Petro available in this stage will be 44%. This stage assumes the possibility of buying Petro for boliwary.
The remaining 17.6% Petro will be detained by the Venezuelan administration.
After the completion of ICO, new Petro tokens will not be issued. The authorities assume the possibility of introducing the Proof of Stake model.
The Venezuelan government has ensured that Petro will be able to pay taxes, premiums or fees for public services for Petro.
The national cryptocurrency created by President Maduro is to be a remedy for the economic crisis in which Venezuela is now. The International Monetary Fund predicts that by the end of this year inflation in Venezuela will reach as much as 13,000%. Work on the development of Petro has been going on since the beginning of December last year and it seems that despite objections from the opposition and US officials, the first national cryptocurrency in the world will have a chance to come into existence.