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Venezuelan President Claims the Pre-Sale of the Country’s Cryptocurrency Petro has Raised $5 Billion

Mar 14, 2018 Posted /  1754 Views

Venezuelan President Claims the Pre-Sale of the Country’s Cryptocurrency Petro has Raised $5 Billion

What is the Petro (PTR) Cryptocurrency?

In recent years Venezuela has suffered different rounds of economic instability causing a lot of its working population to migrate to other countries as refugees amids grave unemployment and feminine in the country. The countries national currency, the Venezuelan peso lost it values to hyper inflation further worsening the effects of the country’s economic woes.

In december 3 2017, venezuelan president Nicolas Maduro announced the creation of the Petro, the Country’s cryptocurrency. The cryptocurrency is backed by the country’s vast amount of oil and gas resources and has about 100 million units issued up for sale. The Petro is the first cryptocurrency to be  issued and backed by the Bolivarian Republic of Venezuela on a federal blockchain platform.

The Venezuelan oil reserve the main commodity backing up the petro is estimated to be around 300,900,000,000 barrels giving the country a great competitive advantages in the production of electrical energy.

where the 186,000 Petro Purchases Originated from

By february 20, the venezuelan president had confirmed that a total of 171,015 certified purchase offers had already been made for the Petro. During the pre-sale 82.5 million units of the Petros received over 186,000 offers for purchase making the country more than $5 billion in the sales.

These purchase offers came from 127 countries around the world with some 3,523 entrepreneurs participating and more than 83,000 people. The purchase offers were made by 127 countries and among these, 3,523 entrepreneurs and 83 thousand natural persons. The country’s Vice President Tareck El Aissami said the Presale mechanism used involved using the market floating Complementary Exchange Rate System (Dicom), in the development of the Bolivarian Economic agenda.

Venezuela hopes to carry out the sales of its natural resources like oil and gas using the Petro cryptocurrency. The presidented commented on the launch of the Petro Cryptocurrency in a twitter message saying,

“The El Petro, a cryptocurrency to carry out its financial transactions and seek new forms of financing. This cryptocurrency will help the country to join the other countries of the world in the development of the 21s Century”

How the Petro Cryptocurrency will be used and underlying values.

The Petro Cryptocurrency is to serve a diversity of purposes in Venezuela especially in attempts to use trades in improving the country’s Economic situation. The Petro will be used as a means of exchange for goods and services and will be redeemable for fiduciary money and other crypto-Assets or cryptocurrencies through digital exchange platforms.

The Petro is also to act as a digital platform where real merchandise and raw materials are represented on a e-commodity listing platform. Lastly the Petro according to its designers will be used as a saving and investment instrument. The Petro Cryptocurrency can be acquired through the exchange of petro ERC20 tokens purchased in the presale, purchase of the initial offer which will will be open for the general public to participate and in secondary markets once the initial coin offering process completes.

The Price of the Petro will be determined by an equation which associate it with the price of the Venezuelan Crude Oil. The Petro will become the national cryptocurrency of Venezuela and will be used for the payment of taxes and for other legal obligations involving payments in the country.

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Tags: Nicolas Maduro Venezuela Cryptocurrency Petro

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