Venezuela’s oiled backed cryptocurrency, known as Petro, launched it’s presale today with the official launch happening in a month. Currently, 82 million tokens are available and the Venezuelan government wants to increase it to 100 million eventually.
The Washington Post reports that “Investors were offered $60 “tokens” at discounted rates that they can exchange for petros during what is being dubbed an “initial coin offering,” or ICO, in March.”
President Nicolas Maduro announced the currency last month in an effort to rejuvenate the Venezuelan economy and “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade [of the United States].”
Petro will be backed by the price of a barrel of oil, but The Verge reports that it is also backed by “storehouses of gold and diamonds.” It was also reported that once Maduro is out of office, the government plans on shutting down Petro.
Sources
https://www.theverge.com/2018/2/20/17031720/venezuela-cryptocurrency-petro-oil-reserves-diamonds-inflation
https://libertarianvindicator.com/2018/01/01/venezuela-to-launch-national-cryptocurrency/
https://www.washingtonpost.com/news/worldviews/wp/2018/02/20/venezuela-launches-the-petro-its-cryptocurrency/?utm_term=.916d02f1110c