Bitcoin news
Venezuela Starts Selling Its National Oil-Backed Cryptocurrency
Cryptocurrency Petro As The Worlds First State-Backed Digital Currency
Formally Venezuela has launched its oil-backed cryptocurrency in an unconventional bid to pull out the country from arising economical crisis.
The Caracas government put 38.4 million tokens of the world’s first state-backed virtual currency on circulation, on private pre-sale.
Venezuela received “intent to buy” offers to the tune of USD 735 million, during the first 20 hours of the pre-sale, which ends on 19 March, as the president Nicolas Maduro said. He pointed:
“The Petro reinforces our independence and economic sovereignty and will allow us to fight the greed of foreign powers that try to suffocate Venezuelan families to seize our oil.”
About 100 million Petro-tokens will go on sale, with an initial price of $60, which is based on the price of Venezuelan crude-oil barrel- but subject to change.
Jean-Paul Leidenz, who is a cryptocurrency expert and economist said, that the prices during the pre-sale will be set privately and after that will be vary according to the market, when the initial coin offering of 44 million Petros is made on March 20. The government will reserve the remaining 17.6 million tokens.
