Venezuela, the oil-rich South American country will launch a pre-sale of its commodity-backed “petro” cryptocurrency on Tuesday February 20th. It was just over two months ago that Venezuela’s president, Nicolás Maduro, announced his bold plan to introduce the country’s state-controlled cryptocurrency.
The Petro would act as a way to circumvent US-imposed sanctions, as well as combat hyperinflation in the country. In the case of the former, US financial institutions have been banned from lending the South American country any more money, making refinancing Venezuela’s existing debt, and acquiring new debt, nearly impossible.
100 million “Petros” will be put up for sale in the next two days.Crypto advisers to Venezuela’s government have suggested that 38.4% of the 100 million petros first be sold in a private sale at U$59 per coin, with a discount of 60%, with the remainder sold to the public thereafter.Useful Links Wiki Article Petro White Paper Website