Pre-sale of the first oil-backed cryptocurrency started! 82,5 mln Petro can be bought since the 20th of February, they can be bought for fiat money and other cryptocurrencies, BUT not for Venezuelan Bolivar.
The government claims that it is going to attract foreign investors from Europe and the USA. The president hoped to sell 100 mln petros, for the price of a barrel of oil each coin. Via sale of the cryptocurrency, the president hopes to raise about 6 bln USD.
If you want to buy and sell Petro, you have to download a special digital wallet that has been developed by the Venezuelan government. Then, you can make normal transactions within the system.
Some background information.
Venezuela got into a crisis that can be called a national disaster. The national currency had devaluated to such extend that people didn’t have enough money to buy even the basic food. Hence, the government had to do something. This action that was supposedly to help the country out, was the release of the national cryptocurrency. Some experts believe though that this is a new way to enrich the president and people close to him, but in no way this is an option to help the nation out.