El Petro — Venezuelan state cryptocurrency, supporting the oil, since tomorrow will be offered to prospective buyers.
El Petro can be called an attempt to confront the economic disaster facing Venezuela. According to the Venezuelan government, the cryptocurrency will enable the country to access any hard currency, which is now in desperate short supply.
Tomorrow’s presale is the beginning of the process, followed by a large ICO, the duration of which, according to the Whitepaper, depends on the pre-sale. Tokens “ERC20” will be created and sold using the Ethereum platform. Presales will end with the sale of 82 400 000 units. The Venezuelan government believes that Petro will not only help to avoid sanctions, but will create a transparent digital economy:
Its launch will promote the development of independent, transparent, digital economy, open to direct participation of citizens, which will serve as a platform for the development of cryptocurrency and innovation assets in Venezuela and other developing countries with great potential.
The US government stated that the purchase of El Petro continues to violate the economic sanctions imposed on the country since it is an “extension of credit” Venezuela. However, Carlos Vargas (Carlos Vargas), the regulator of cryptocurrency in the country, said that investors from Qatar, Turkey, Europe and even the United States were showing interest.
Supported by the Petro oil was found in one of the largest natural reserves of the country, which distinguishes the coin from the major cryptocurrencies, such as Bitcoin, which are not supported by anything material. However, there is no assurance that Petro will have crazy success.
However, major investors from both countries, USA and Venezuela, and their government, of course, will be watching tomorrow’s presale.