Venezuela says it has found a number of foreign investors for the pre-sale of its “oil-backed” national cryptocurrency, the petro. Starting this month, Venezuela is expected to pay companies from Brazil, Poland, Dinamarca, Honduras, Norway, Vietnam, and other nations for food and medicine imports with the petro.
Prepping for Petro Pre-Sale
Venezuela is preparing for the sale of its “oil-backed” cryptocurrency, the petro. A total of 100 million coins will be issued in total, 82.4 million of which will be offered to the market in two stages: a private pre-sale and an initial coin offering (ICO).
The pre-sale starts on February 20 at 8:30 am Venezuela time (-04:00 UTC), where 38.4 million petro ERC-20 tokens will be placed for sale. The petro whitepaper explains:
During the process, degressive discounts will be applied to stimulate early investment.
Pre-sale tokens “will not be part of the Petro network until it is redeemed or ‘burned’ during the initial offer process,” which starts on March 20. They “may be exchanged for petro [coins] at any time between the launch date and the closing of the initial offer,” the whitepaper clarifies. The petro will be divisible by 100,000,000 units. For the ICO, 44 million coins will be available.
The Superintendency of Cryptocurrencies, headed by Carlos Vargas, and the Blockchain Observatory will oversee the function of the petro…