Venezuela's Petro Cryptocurrency pre-sale will start on February 20
The plans for the release of the Petro are going on and people might be seeing the national cryptocurrency of Venezuela sooner than what they expected. Venezuela will reportedly unveil the Petro in less than one month.
The Petro will be unveiled on February 20
The official announcement was made by the president of the country, Nicolas Maduro. Maduro revealed that the pre-sale will start in a couple of weeks. The Petro, as already known, will be backed by the country's rick oil reserves and its price will be similar to the price of a barrel of crude oil.
Maduro is definitely a great supporter of the Petro. The president of the country was the one who first unveiled the plan to release a national cryptocurrency in December, 2017. In only a few months, the country managed to put the plan into practice. Maduro was also the one who confirmed that the Petro will be backed by oil reserves.
Maduro stated:
“I announce that on February 20 of this year, Venezuela starts the pre-sale of the cryptocurrency, the Petro. Petros will be available to acquire during the pre-sale, in the initial offer and the secondary market, once the initial sale process is completed. The total of Petros issued in circulation during the first year will exceed 100 thousand million Petros.”
Recently, Maduro has also released a whitepaper that presents all the details people need to know about the Petro, how it will function and how it is backed by oil reserves. The whitepaper also revealed that the smallest unit of the Petro will be called a mene, which means petroleum in a Venezuelan language. The whitepaper also said that the country will accept the Petro as a form of payment.
At the time when Maduro first announced the release of the national cryptocurrency, the president of Venezuela said this digital currency will help the country evade US sanctions. Several US senators have criticised Venezuela for this.
