Venezuela crypto currency Petro pre-sold. Petro was first announced by President Nicolas Maduro in early December 2017.
Nicolas Maduro announced that Petro was declared in an economic crisis to overcome US sanctions. It was also announced that the crypto currency would be supported by the oil reserves of the country.
According to Telesur from Latin American news sources, initially there are 82.4 million Petro. Previously, the president said that he would get 100 million petrols worth more than 6 billion dollars.
President Maduro said in the launch:
Petro is born. We will achieve success for the welfare of Venezuela. The world's largest and most important companies and Blockchain with Venezuela. We will sign important agreements.
Telesur said that a "handbook" of how to get petrou will be available in many languages.
Carlos Vargas, who is in charge of managing the money, said Petro could be replaced with normal currencies and crypto crypto money, but could not replace the bolivar (official Venezuelan currency).
For a country that suffers from cash strains, it is logical to try to provide new financing with such a sale, but the Petro issue is controversial.
The Venezuelan opposition said that Petro was illegal. He pointed out that the exporting country would seriously indebted to the oil reserves and therefore the congress should not approve the government's debt.
"This is not a crypto money, it's a sale of Venezuelan oil," said Jorge Millan, who said the program was "prepared according to corruption."
