When the pre-sale of Petro will be accepted foreign currency and cryptocurrency

When the pre-sale of Petro will be accepted foreign currency and cryptocurrency

Venezuela plans to release his bitcoin Petro through the sale of tokens, which will accept foreign currency and cryptocurrency.

When the pre-sale of Petro will be accepted foreign currency and cryptocurrency

Venezuela plans to release his bitcoin Petro through the sale of tokens, which will accept foreign currency and cryptocurrency.

Venezuelan President Nicolas Maduro has ordered 100 million Petro, about 38 million of which will go to institutional investors during pre-sale duration in a month, which will begin on February 15. In this sale will be open only to institutional investors. Reportedly, they will be able to purchase cryptocurrency at a discount of up to 60 percent.

According to reports by Reuters, in the process pre-sale Venezuela will accept crypto-currencies, and foreign currency. It is noteworthy that the official country’s currency – the Bolivar – will not be accepted. Carlos Vargas, a government inspector of cryptocurrencies, appointed Nicolas Maduro for the “management” Petro and transactions therewith, said:

“Pre-sale and primary floatation will be carried out in foreign currencies and cryptocurrencies. At this point, the Bolivar will not be accepted (…) We must give Petro in the best hands, and then there will be a secondary market.”

After pre-sale 38 million tokens to institutional investors, another 44 million Petro will be sold to the General public. Vargas also added that after the pre-sale can be exchanged Petro for the local currency of the country, which last year fell against the dollar by 3400 percent.

This in some ways contradicts the information specified in whitepaper, allegedly leaked from the official government website. In the whitepaper States that Petro will be able to buy only those who have access bolivars, and the cryptocurrency blockchain is public. The government of Venezuela stated that in this whitepaper contains false information, and the document “soon” will be released.

As previously reported, Petro – cryptocurrency is provided by oil, the release of which was announced at the end of last year. However, although the tokens will be provided for Petro oil reserves of the country, the owners of this cryptocurrency will not be able to exchange it for oil. Provided oil the cryptocurrency is designed to bypass the US sanctions. Meanwhile, the Ministry of Finance of the USA has warned Americans that investing in it will mean violation of the sanctions.

The opposition Congress of Venezuela announced the Petro Maduro outside the law as “illegal and constitutionally” tool. Congress believes the cryptocurrency attempt to “illegally set up” the oil reserves of the country.

Venezuela softened its attitude to the mining of cryptocurrencies

It is noteworthy that Carlos Vargas said that the cryptocurrency miners in Venezuela are not doing anything illegal. According to him, “now, this activity is quite lawful”. He noted:

“We held meetings with the Supreme court. People who have been subjected to seizure of property and arrests in previous years, will be acquitted of all charges”.

Many residents used the cryptocurrency to survive in the conditions of inefficient economic activities of the state. Last year, the government began prosecution of cryptocurrencies, in which, among other things, was the arrests of miners and the destruction of the center of bitcoin mining.

At one point the state Internet provider CANTV has blocked access to web sites related to bitcoin, mining pools. In addition, the largest exchange of the country SurBitcoin was forced to temporarily suspend operations as the Bank Banesco has closed her account.

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