The petro (stock market symbol: PTR) 1 is a cryptocurrency or Venezuelan digital currency, based on the technology of the block chain and backed by the reserves of various natural resources of Venezuela such as oil, gold, diamonds and gas.2 3 So far, each petro would be backed by a barrel of oil from the Venezuelan crude oil basket.4 5 It would be a partially pre-mine currency with future mineable emissions.6
Among the basic characteristics of the petro, are:
State support for reserves of natural resources such as oil, gas, gold and diamonds7
Possibility of international transactions7
The registry of digital transactions of the currency is made through the Blockchain Observatory of Venezuela, an organization attached to the Ministry of University Education, Science and Technology, 3 and receives advice from OnixCoin, a Venezuelan company that founded its own cryptocurrency in the past. 8
According to Article 4 of Decree No. 3.196 published in the Official Gazette, a petro is equivalent to a "purchase-sale contract for one (1) barrel of oil from the Venezuelan crude oil basket or any commodities (raw material) decided by the Nation. ".4 On December 27, 2017, five billion barrels of oil from Block Ayacucho I of the Orinoco Oil Belt were approved as a support for the petro.9 Gold and diamonds from the Orinoco mining arch are also certified.9
Maintains encrypted mathematical algorithms that do not allow the interception of agents external to yours7
Electronic transactions are carried out without intermediaries7, they are immediate and do not generate commissions.10
It can be exchanged through virtual exchange houses11
It can be used for payments related to the national government, such as: taxes, obligations, taxes, contributions and national public services. 12
It is a partially pre-paid critpomoneda, so the following issues will be mineable in order to have control of all currencies under an initial auction-style currency (ICO) offer.6 The petro may be mined by Venezuelan citizens with the use of common computers without special features.13
The sale of petro is done through tokens or digital tokens, which can be exchanged for petros in the future and will be available in all electronic exchange houses around the world.14