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News > Latin America

Venezuela: Petro Presale Launches Strong

  •  President Nicolás Maduro leads launch of Petro's presale and initial offer.

    President Nicolás Maduro leads launch of Petro's presale and initial offer. | Photo: EFE

Published 20 February 2018

The Venezuelan cryptocurrency will be able to be used to acquire goods or services and will be exchangeable for fiduciary money and other cryptocurrencies through digital exchange houses.

The president of Venezuela, Nicolás Maduro, officially launched the Venezuelan cryptocurrency, Petro, on the national and international markets, as well as the issuance of certificates for the exercise of digital mining, which allows financial and commercial transactions.

"Together it is possible to build history, we are at the technological forefront of the world," the president said after ordering the certification of more than five thousand miners who will exploit the cryptocurrency in the country.

 Venezuela Named Cheapest Place In The World To Mine Bitcoin

The Venezuelan president reported that only within 20 hours, during Petro's presale, the purchase intention was achieved in the order of 4.777 billion yuan, equivalent to 596 million euros and 735 million dollars. "We started high," he said.

Superintendent Carlos Vargas showed the machinery of digital mining, and stressed that "these machines are made in China and are assembled in Venezuela."

Unlike the more than 1,500 existing cryptocurrencies worldwide, El Petro is the only one that has physical support where it will be backed with 5,342 million barrels of field 1 of the Ayacucho Block of the Orinoco Oil Belt.

At midnight on Monday, the Executive Vice President, Tareck El Aissami, published the manual of acquisition and commercialization of this cryptocurrency. This document is written in several languages to reach a diverse audience.

The cryptocurrency Petro was created by the Venezuelan government to face the financial blockade, encourage foreign investment and create a new system for the payment of goods and services. They will create 100 million virtual currencies without extra emissions.

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