Venezuelan Oil-backed Cryptocurrency Petro ICO Attracts Foreign Investors


Venezuelan Oil-backed Cryptocurrency Petro ICO is about to take place in March. It appears that investors from Brazil are ready to invest $300 million in Venezuela, starting with a $100 million inversion investment. Venezuelan minister has also mentioned that Denmark, Poland, Norway, Honduras, and Vietnam are willing to receive petro in exchange for goods.

9 February, AtoZForex Yesterday, the Minister of Foreign Trade and International Investment of Venezuela, José Vielma Mora has announced that foreign investors will be receiving payments for their goods in petro.

Venezuelan Oil-backed Cryptocurrency Petro ICO Attracts Foreign Investors

Petro is an oil-backed Venezuelan state cryptocurrency that is about to be released in both a pre-sale and an initial coin offering (ICO). The initiative to create such digital currency has been announced by the President of Venezuela Nicolas Maduro back in December 2017. The white paper of the project has been released on the 30th of January. The document explains that the idea for the petro came from Hugo Chavez. Mr. Chavez has presented petro as a “strong currency backed by raw materials.”

It appears that investors from Brazil are ready to invest $300 million in Venezuela, starting with a $100 million inversion investment. Venezuelan minister has also mentioned that Denmark, Poland, Norway, Honduras, and Vietnam are willing to receive petro in exchange for goods. He has stated that a total amount of investment accounts for $435 million.

According to Mr. Mora, Canada has also been showing interest in investing in Venezuela in the sector of “pharmaceutics for humans and animals.”

Petro Pre-sale and ICO

The petro is an ERC20 token that has been pre-mined on the Ethereum network. Each token is being backed by one barrel of oil. Mr. Maduro has requested the issuance of 100 million worth of petro on January 14 as a part of a preparation for the pre-sale.

Critics have been rather skeptical in regards to petro, so have been the members of the Venezuelan opposition parliament. The pre-sale of petro will kick in on the February 20th at 04:00 UTC. There will be a total of 38.4 million token available. According to the white paper, pre-sale tokens “may be exchanged for petro at any time between the launch date and the closing of the initial offer.”

The petro ICO will take place a day after at the end of the pre-sale, on March 20th at -04:00 GMT. Project looks to sell 44 million petro at a reference selling point of $60. The price is subject to market fluctuations, the white paper states.

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