Despite intense scrutiny, Petro’s pre-sale has started. Venezuelan President Nicolas Maduro has announced that, out of the 100 million tokens that will make up the total Petro reserve, 82.4 million will be immediately available. The PTR token can be bought once an investor has got a Petro wallet. It looks as if one token will be worth around $60 (US Dollars).
The ERC-20 token will be backed by Venezuelan oil reserves, totalling around $6 billion. Investments will be accepted in fiat currencies, but not the Bolivar, which is suffering from hyperinflation. But many remain unconvinced, including most of Maduro’s own government, who have declared the ICO illegal, and the United States of America. The US are concerned that the sale of Petro is being carried out in order to raise funds that will circumvent financial sanctions that have been imposed on the controversial state.
More details (full article): Controversial Venezuelan Pre-Sale For Petro Goes Ahead