The first pre-sale of Venezuela’s cryptocurrency backed by Venezuelan President Nicolas Maduro, the Petro, was announced. The cryptocurrency, which is backed by crude-oil, also had its white paper presented and signed by the President and the Petro Container was also introduced in order to mine the currency.
The decision of pre-sale of the Petro was announced after a meeting with the council of Ministers in Venezuela. The presale would begin on February 20th, 2018. According to Maduro, Petro would allow Venezuela to expand as an economic power worldwide. He also said that the pre-sale would be through the use of ERC20 tokens and explained that they are planning to accelerate the startup of the cryptocurrency.
The Venezuelan President, in addition to the announcement, also signed the white paper of Petro and presented it to the press. He said that the white paper gives a detailed description about the currency. But as of now even after repeated requests by both Venezuelans and non-Venezuelans the white paper has not been revealed to the public yet.
“Venezuela is at the forefront of the world, and we are going to accelerate permanently the start-up of the cryptocurrency, the petro.”
Prior to this announcement, some news organizations reported about the apparent leak of Petro’s white paper. The leak claims was subsequently denied by Maduro with the spokesperson calling the document to be a counterfeit not describing the original product.
Maduro also presented the Petro Container, a device which can be setup to mine cryptocurrencies on a large scale. According to him the Petro Container would help in the rapid deployment of mining farms at any location. He also invited the country’s banks to be part of the mining farm and the Petro cryptocurrency.
The venezuelan President first announced his intentions of creating his own digital currency in early December 2017. Subsequently he also assigned over 5 billion barrels of crude oil as a backing for the currency and also announced the availability of 100 million units of Petro.
But, the Venezuelan national Assembly has declared Petro to be illegal but Maduro seems to be going full steam ahead with his plans, even calling heads of other countries to join him in his initiative.