Venezuelan President, Nicolas Maduro advised that the consolidation of the cryptocurrency “Petro” will be the center of the country’s financial policy for 2018.
Each Petro will be backed by a barrel of oil, the value of which currently stands at US$63.72. Maduro is confident that the Petro will appreciate and be a major driving force to help the country overcome its financial challenges.
Venezuela intends to issue 100 million Petro (US$6.3 billion) with 38 million Petro going to private investors starting February 15th, 2018.
The Petro will be pre-mined, meaning new Petro cannot be created, and is likely to be on the Ethereum network.
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