"Today, a cryptocurrency is being called into life that can compete with Superman" - said Venezuela's President Nicolas Maduro after their launch of the first national cryptocurrency.
The crisis-ridden Venezuela hopes for an economic liberation by launching its own Cryptocurrency. Yesterday they launched their official pre-sale for the so called "Petro" coin and gained over $735 million dollars within 1 day. You´ll have the chance to invest in to the first government-backed cryptocurrency until the 19th of march 2018. Venezuela first unveiled the Petro coin in December 2017.
Venezuela's government first unveiled the petro back in December, setting up a dedicated government agency to oversee the development of the cryptocurrency as well as an ecosystem for it within the South American nation. In anticipation of the sale, the government published a white paper, a buyer's guide and, most recently, newly crafted rules for creating cryptocurrency exchanges within Venezuela. - Coindesk
According to Venezuela’s Minister of Foreign Trade and International Investment José Vielma Mora, the country wants to attract investors from countries such as Poland, Denmark, Norway, as well as skirt the US and EU sanctions. There is for sure a tactic behind this idea.
Previously, President Nicolas Maduro had ordered the issue of 100 million Petros with the value of a single barrel of oil each. The president hopes to raise a total of just over $6 billion via the sale of PTR. - Cointelegraph
There has been a power struggle between Maduro and the opposition in Venezuela for many years. The country is in a deep economic crisis while the oil price decline of recent years depresses the revenue of the state. The opposition accuses Maduro of mismanagement and corruption. Therefore, they repeatedly started mass protests against the Venezuelan president. Only at the beginning of February, the paper currency Bolivar had been devalued by 99.6 percent - which corresponds to an inflation of 4000 percent, according to krone.at.
You might wonder how you can trade or exchange the Petro coin and I recently found an article on Cointelegraph which explains it very well.
To buy and trade in Petro, investors need to download a digital Petro wallet, developed by the Venezuelan government. Once acquired it will generate an address you can provide to anybody who wants to transfer PTR to you.
Simple and easy to understand.
I am very exited for the upcoming ICO. Let me know if you invested in the first government coin or what you think about this whole idea of saving the country by creating an own cryptocurrency.
Thanks for reading
Stay focused
Love, Soldier