Venezuela first announced that they would be creating a cryptocurrency named the Petro back in December, the Petro is an ERC20 token and will have a 100 million supply to start with with the max supply being unknown at this point, the Petro will supposedly be backed by 5 billion barrels of oil which has a value of around $350 billion.
On 30th January 2018 the Venezuelan president Nicholás Maduro announced and signed the official whitepaper and announced that a pre-sale will begin on 20th February he went on to say:
"We have reached the future. Venezuela advances as an economic power, Venezuela is at the forefront of the world, and we are going to accelerate permanently the start-up of the cryptocurrency, the petro."
|Source| The Venezuelan President Nicholás Maduro
This sets a big precedent in cryptocurrency but to be honest the fact that the Federal Reserve has not intervened is a surprise to me, i had a suspicion that Robert Mugabe was going to do something similar but he was swiftly disposed of by the Jesuits.
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P.S. If you are interested in buying or selling Steem why not check out Binance.
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