Initially, 38.4 million petros will be sold privately.
During a month the private sale of 38.4 million petros will be carried out, and on March 20 the public offer of another 44 million petros will begin. While 17.6 million petros will be reserved for the State.
The petroleum is backed by Venezuela's oil, gold and gas reserves and ensures that it has the best cryptocurrency parameters around the world. The established value of the virtual currency is 60 dollars, which is equivalent to the price of a barrel of oil in January. However, the leaders announced that this price could change.
The currency, unlike others in the world, is issued by a central bank, which could have an impact on its chances of success. The Venezuelan government will accept it as a method of payment for official transactions and taxes.
The president of Venezuela, Nicolas Maduro, led the relaunch of El Petro from the Ayacucho hall of the Miraflores Palace.
The Venezuelan president announced that as of this Wednesday Venezuelan fuel will be collected at the borders with Colombia with the crypto currency called El Petro.
"I authorize the collection of cryptocurrencies in all international fuel stations owned by Venezuela," said Maduro.
According to the Venezuelan government, since the publication of the El Petro manual, we have achieved the intention of buying pre-sales in the order of 4,777 million yuan.
According to the executive, Petro is backed by 5,342 million barrels of oil from Field 1 of the Ayacucho Block of the Orinoco Oil Belt.